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Auto Shows Debt relief for the poorest countries also planned for 2021

10:10  15 october  2020
10:10  15 october  2020 Source:   de.reuters.com

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The Group of 20 industrialized nations are poised to renew a debt - relief initiative for the world’s poorest countries struggling with Covid-19 through at least the first half of 2021 when it meets tomorrow, according to people Move would renew suspension for at least six months into 2021 .

Debt relief could be extended further. It is hoped the move will help governments in the developing world that "Despite progress made on international financial assistance to the poorest countries , we still need But the G20 also criticised private sector creditors for not signing up to the debt relief plan .

Washington / Berlin (Reuters) - In response to the coronavirus crisis, the 20 leading industrialized and emerging countries (G20) want to help particularly poor countries with debt relief in 2021.

FILE PHOTO: A man stands next to a board with the G20 Meeting of Finance Ministers logo in Buenos Aires © Reuters / MARCOS BRINDICCI FILE PHOTO: A man stands next to a board with the G20 Meeting of Finance Ministers logo in Buenos Aires

In the group of G20 finance ministers, however, it was initially only extended by six months on Wednesday. That is not enough, among others, Vice-Chancellor Olaf Scholz. The pandemic has also slowed down negotiations on a global tax reform aimed at adapting the rules to the digital age and drying up tax havens. For this, time should now be allowed until mid-2021 in order to reach a political agreement. Scholz is confident that this can be achieved.

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The IMF board approved the debt relief for the countries , nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021 . The debt relief will be

The IMF board approved the debt relief for the countries , nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021 .

Getting the coronavirus under control is, from the G20's point of view, the decisive prerequisite for an economic recovery. For this and for the preservation of financial stability, everything that is possible must be done, according to the final document after virtual G20 consultations with finance ministers and central bank chiefs. The International Monetary Fund (IMF) expects the global economy to slump by 4.4 percent this year due to the pandemic. This is the worst recession since the Great Depression almost 100 years ago.

Developing countries and countries that were already heavily indebted before the crisis were hit particularly hard. For the poorest countries in the world, all interest and principal payments were deferred until the end of the year. They should have more money to better equip their health systems. The G20 decision has now extended the debt relief by six months. A decision is to be made in spring 2021 as to whether this measure will then be expanded again by the end of 2021.

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Finance chiefs of the Group of 20 major economies agreed Wednesday to extend their debt relief program for poor nations by six months beyond the end of the year to allow them to continue to take measures against the coronavirus pandemic. In a joint statement released after their videoconference

The IMF board approved the debt relief for the countries , nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021 . The debt relief will be

"I hope for the future that it will not just stop there," Finance Minister Scholz told Reuters. Private creditors would also have to go along. France's Finance Minister Bruno Le Maire said the G20 group had agreed for the first time on a framework for how China could be included in future debt relief. In recent years, the People's Republic has become one of the most important believers in many countries, not just in Africa. World Bank boss David Malpass announced that he would make a proposal for further emergency financing for particularly poor countries with a volume of 25 billion dollars in October.

NATIONAL DEBT AT RECORD HIGH

IMF boss Kristalina Georgiewa said in Washington that the immense debt was one of the biggest problems after the actual crisis. The international community must find a way to deal with it. Above all, poorer countries need debt relief and grants. Overall, the IMF is anticipating a rapid rise in national debt and a new record high this year - from 83 to almost 100 percent of economic output. Despite limited budgetary leeway, the Monetary Fund recommends more long-term investments. Health and education systems should have priority, as well as digitization and climate protection.

More time is needed to reach an agreement on tax reform. Last week, 137 countries agreed on a basic framework for this under the umbrella of the industrialized nations organization OECD. Important details are still open. There should be a global minimum tax and a new allocation key, which country may tax digital services and how much. "That's why there is still work ahead of us, but it is progress that was unimaginable a few years ago," said Scholz.

Should the political agreement not succeed even after the US presidential election, more and more countries are likely to rush forward with their own digital taxes to tap into Internet giants more strongly. "We think Europe should be the model here," said Le Maire.

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