RIYADH | SAUDI ARABIA – Finance Officials from the Group of 20 major economies are poised to recommend extending a freeze in official bilateral debt payments by the world’s poorest countries, according to a source briefed on a virtual G20 meeting taking place Saturday.
Multiple sources said there was strong support for extending the Debt Service Suspension Initiative agreed in April into 2021, but the move would not be finalized until later in the year, when G20 leaders are due to meet.
World Bank chief economist Carmen Reinhart told reporters on Friday that the move was ‘highly probable’ since the novel coronavirus pandemic was more severe and taking longer to overcome than initially expected.
The debt standstill, which is due to expire at the end of 2020, has proven challenging to implement, with only 41 of 73 eligible countries expressing interest, while some official bilateral creditors like China have failed to participate fully.
The private sector has also failed to match the freeze thus far.
The initiative would save $12 billion in service payments on official bilateral debt through the end of year, but finance officials in developing countries say they will need far more help to weather the pandemic and its economic fallout.
Top international officials, industry leaders and civil society groups have called for extending the debt freeze – which is intended to let the poorest nations focus on fighting the pandemic, nor serving their debts – and expanding it to include other countries hit by the crisi.
More than 200 religious, labor, human rights, environmental and development groups signed a separate letter spearheaded by Jubilee USA Network that was sent to G20 leaders, the White House and the International Monetary Fund this week.
‘The G20 will make decisions this weekend that affect the survival of billions of vulnerable people confronting the pandemic’, said Eric LeCompte, the group’s executive director.
‘We need to mobilize a lot more resource for people to confront the crisis’.
Two Gulf Aircraft Involved in ‘Minor Incident’ At Dubai Airport
The tail of a Gulf Air passenger aircraft was hit by another plane at Dubai International Airport on Thursday, Bahrain’s state news agency BNA reported, in what a Dubai Airports spokesperson described as a minor incident. UAE General Civil Aviation Authority said on Thursday in a statement, ‘This morning a minor collision occured between two … More Two Gulf Aircraft Involved in ‘Minor Incident’ At Dubai Airport
France’s Macron To Hold Cabinet Meeting On Pegasus Spyware Case
French President Emmanuel Macron will hold a special cabinet meeting on Thursday morning to discuss investigations into the Pegasus spyware case, gorvernment spokesperson Gabriel Attal said. Attal said progress was being made in the investigations after Amnesty International and a group of international media organisations said spyware made and licensed by a company based in … More France’s Macron To Hold Cabinet Meeting On Pegasus Spyware Case
The Kaaba Receives A New Kiswa To Commemorate Eid al – Adha
Saudi officials have replaced the Kiswa (the cloth cover) of the Kaabato commemorate the Day of the Arafat and the start of Eid al – Adha, according to Saudi Press Agency (SPA) on Monday. The process of changing the Kiswa occurs annually on the seconf day of Hajj under the supervision of the President of … More The Kaaba Receives A New Kiswa To Commemorate Eid al – Adha
Saudi Arabia To Require All Citizens To Be Fully Vaccinated Before Traveling By Aug 9
All Saudi Arabian citizens will be required to have had two COVID-19 vaccine doses before traveling outside the Kingdom from August 9, the Kingdom’s interior ministry announced on Monday. The new requirement will not be applied to children under the age of 12 provided that their travel insurance policy covers expenses relating to COVID-19 and … More Saudi Arabia To Require All Citizens To Be Fully Vaccinated Before Traveling By Aug 9
Saudi Crown Prince Allocates $1 Million As Marriage Grants
Saudi Arabia’s Crown Prince Mohammed bin Salman has directed SR 3.74 million ($997.080) to be distributed as marriage grants to 200 young men and women across the Kingdom. The money comes out of his ‘keennes to support orphans with special circumstances and people with disabilities, as they are among the priority groups of the ‘SNAD … More Saudi Crown Prince Allocates $1 Million As Marriage Grants
Key OPEC+ Producers Reach Preliminary Output Deal
Key producers of OPEC+ countries have reached a preliminary deal on gradualy oil output until December and extension of their pact until end of 2022, an OPEC+ source told Reuters on Sunday. OPEC+ hold an online meeting later on Sunday.
Saudi Commentators Go Public In Criticising UAE Role In Yemen
Pro – government commentators in Saudi Arabia are public criticising the United Arab Emirates’ role in Yemen, a rare move that reflects political and economic tensions between the two Gulf allies that also led to an open standoff over the oil policy. Saudi Arabia is trying to contain a power struggle in southern Yemen between … More Saudi Commentators Go Public In Criticising UAE Role In Yemen
Saudi Arabia’s King Salman Directs 1 Million COVID – 19 Vaccine Doses For Tunisia
Saudi Arabia’s King Salman has issued directives to provide Tunisia with one million doses of the coronavirus vaccine and aid upon the request from Tunisian President Kais Saied, according to an announcement issued on Monday. The King directed the King Salman Center for Relief and Humanitarian Action (KSRelief) to urgently support Tunisia with medical and … More Saudi Arabia’s King Salman Directs 1 Million COVID – 19 Vaccine Doses For Tunisia
Saudi Crown Prince, Tunisian President Discuss Boosting Relations
Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, received on Friday a telephone call from Tunisian President Kais Saied. Talks focused bilateral relations and ways of bolstering them in all fields. They also discussed issues of joint interest.
Sultan Of Oman To Visit Saudi Arabia On Sunday
Sultan Haitham bin Tariq of the Sultanate of Oman will make a two – day official visit to Saudi Arabia on Sunday after he received an invitation from Custodian of the Two Holy Mosques King Salman bin Abdulaziz, the Saudi Press Agency (SPA) reported. The visit comes within the framework of strengthening the historical and … More Sultan Of Oman To Visit Saudi Arabia On Sunday
Loading…
Something went wrong. Please refresh the page and/or try again.
