The 2018 chair was Argentina, which hosted the 2018 summit in Buenos Aires. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. Though the global economy has begun a gradual recovery with the reopening of businesses and borders, the recovery has been sharply uneven. He stressed that the pandemic has threatened the fiscal stability of many countries, particularly the poorest. “China has proven a reluctant participant in multilateral debt relief efforts, putting its narrow economic and geopolitical interests ahead of a collective approach to easing the burden on poor countries.”, “We still need to do more,” Mohammed al-Jadaan, finance minister of Saudi Arabia, this year’s chair of the G-20, acknowledged at a news conference after Wednesday’s meeting. The members of G20 include the European Union and 19 other countries, including India. “This pandemic has laid bare a glaring and unjust double standard: The world’s wealthiest countries play by one set of rules, and the world’s poorest by another,” said David McNair, executive director for global policy at ONE, an international aid group. The virtual discussions are being held at the start of this week’s meetings of the 189-nation International Monetary Fund and the World Bank, which are also being conducted virtually because of the coronavirus pandemic. International aid groups expressed disappointment that more debt relief isn’t being provided by extending the moratorium on debt payments for a full year or by forgiving part of the debt rather than merely suspending payments. Country Population 2020 ; 1: China: 1,439,323,776: 2: India: 1,380,004,385: 3: United States: … Finance ministers of world’s biggest economies to delay payments for poorest nations starting May 1 through year end. The G-20, in a final communique, also urged private lenders to join its initiative for debt suspension. The 20 member countries of G20 will be attending the G20 Summit 2020. Some countries, like Pakistan, have called for an outright cancellation of debt payments. G20 countries represent around 85% of global gross domestic product, and over 75% of global trade. G20 Participants. Oxfam International said it believes that the six-month extension was “the bare minimum the G-20 could do.”. Saudi Arabia assumed the G20 2020 Presidency on the 1 December 2019. “The failure to cancel debt payments will only delay the tsunami of debt that will engulf many of the world’s poorest countries, leaving them unable to afford the investment in healthcare and social safety nets so desperately needed,” said Jaime Atienza, an Oxfam official who manages debt policy. They form two-third of the world’s population.
…We have agreed to extend the debt service suspension initiative by six months.”. Page Content. “We are disappointed by the absence of progress of private creditors’ participation” in the debt relief, “and strongly encourage them to participate on comparable terms when requested by eligible countries”, it said. Looming debt defaults by poor nations could roil the global economy and derail recovery efforts, Oxfam warns.
IMF warns of rich-poor recovery gap between and within countries, Before G20 meeting, Oxfam urges action to avert debt catastrophe, Coronavirus: G20 suspends debt payments for poorest countries, IMF to recommend $3.4bn emergency funding for Nigeria, Facebook’s India policy chief quits after hate speech allegations, Australia says women on 10 flights subjected to Qatar body search, Thai PM Prayuth says he will not resign despite protests, Walter Wallace: Philadelphia calls National Guard after unrest, Muslim world’s falling-out with France deepens: Live news, Russian strike on Syria’s Idlib fighters a ‘message’ to Turkey, Nigerian judge throws out case against 47 men for homosexuality, Philippines: About 3,000 Chinese expelled amid $830m ‘visa scam’, Al Jazeera Centre for Public Liberties & Human Rights. The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic o f Korea , Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union (EU) . The groups urged the G-20 nations to suspend debt payments at least through 2021, saying many of the poorest countries are still spending more on debt payments than on life-saving public services. Divergence between rich and poor is spiking as countries struggle with collapse in tourism, remittances and oil prices. The G-20 announcement was made initially on Twitter during a meeting of the group’s finance ministers and central bank governors and later confirmed at a news conference.