G20 meeting: Big announcement for the benefit of poor countries

Riyadh: An online meeting of Saudi Arabia-led G20 finance ministers and central bank governors has extended repayment of loans to provide relief to the world’s poorest countries.

The meeting discussed new horizons for the international economy, threats and changes in the group’s strategy to deal with the global corona virus epidemic.

The Saudi delegation was led by Finance Minister Muhammad Al-Jadaan and Governor of the Saudi Arabian Monetary Authority (SAMA) Dr. Ahmed Al Khalifa.

A joint statement issued after the meeting said that the finance ministers attending the G20 meeting had extended the suspension of repayment of bilateral loans.

According to Saudi media, the statement said that the G20 has extended the repayment of loans to the poorest countries for another six months.

The G20 finance ministers pledged to ensure financial stability at the meeting, asking the International Monetary Fund to prepare an analytical study of developing countries’ funding and meeting the needs of member countries.

The finance ministers have also appealed to the World Bank to expand its scope. The G20 finance ministers will hold another emergency meeting before the summit.

It should be noted that according to the G20 strategy, the payment of loans of more than 14 14 billion to the poorest countries has been postponed so that they can allocate their sources of income to deal with the epidemic.

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