UK updated G20 action plan to support the global economy through COVID-19

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By Caribbean News Global Caribbean News Global fav UK updated G20 action plan to support the global economy through COVID-19

LONDON, England – Chancellor of the Exchequer, Rishi Sunak and fellow G20 finance ministers and Central Bank Governors agree to an updated action plan to support the global economy through COVID-19.

During the meeting with G20 counterparts on Wednesday, Chancellor of the Exchequer, Rishi Sunak brokered a series of new commitments in an updated global action plan.

These include landmark commitments such as:

  • Extending the Debt Service Suspension Initiative to June 2021 to help developing countries finance their coronavirus response and recovery programmes
  • Commitment to consider a further six-month extension to the Debt Service Suspension Initiative at the IMF and World Bank Group Spring Meetings in April 2021
  • Agreement in principle to a historic Common Framework for Future Debt Treatments to provide debt restructuring to vulnerable countries on a case by case basis – bringing together G20 and Paris Club official creditors for the first time
  • Supporting the World Bank Group’s initiatives to make available $16 billion of fast track financing for developing countries’ access to COVID-19 tools, with the aim of supporting equitable and affordable access for all
  • Accelerating action to address longer-term global challenges including through harnessing new opportunities through the digital economy and potential for an environmentally sustainable and resilient recovery.

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