G20 Extraordinary Meeting Agreed Remedies Including Partial Debt Reduction in Developing Countries November 14, 4:55
G20 = Finance ministers and central bank governors of 20 major countries held an extraordinary video conference on the night of the 13th, in addition to debt repayment grace for developing countries whose financial situation is becoming more difficult due to the influence of the new coronavirus. , Agreed on further remedies, including partial debt reduction.
The extraordinary meeting last night was attended by Deputy Prime Minister and Finance Minister Aso and Governor Kuroda of the Bank of Japan from Japan.
Last month, the G20 countries agreed with developing countries to extend the debt repayment grace period by half a year from the end of the year in response to the prolonged impact of the new corona.
However, China's government-affiliated financial institutions, which are creditors, have not disclosed the loan amount and have been criticized by developed countries for not responding to the repayment grace.
At the extraordinary meeting, after establishing a mechanism to disclose information on loans, they agreed with developing countries on further remedies, including partial reduction of debt.
The G20 said in a statement that it would require private creditors to take at least the same amount of support framework, saying that "all public creditors should implement it completely and transparently."
After the meeting, Deputy Prime Minister and Finance Minister Aso said in a press conference, "It is historical that we could reach an agreement beyond the group of major creditors called the Paris Club. Debt transparency is extremely important and everything Stakeholders need to ensure that a common framework is in place. "