Milan (AFP)

The big financiers of the G20 countries announced on Wednesday a further six-month extension, until the end of the year, of the moratorium on the debt of the poorest countries hard hit by the coronavirus pandemic, at a meeting virtual chaired by Italy.

"We have decided to extend the initiative to suspend the debt service of the most vulnerable countries until the end of 2021", said Italian Minister of the Economy Daniele Franco, adding that this was the " last "extension.

The G20 also supported the initiative of the International Monetary Fund (IMF) to increase aid to the most vulnerable countries, in the form of a new issue of Special Drawing Rights (SDRs) in the amount of 650 billions of dollars.

This issue, the first since the financial crisis in 2009, will increase the IMF's lending capacity.

"We will further step up our support to vulnerable countries to help them meet the challenges of the Covid-19 pandemic," promised G20 finance ministers and central bankers.

The moratorium on the payment of interest on the debt of the poorest countries was decided by the G20 last April and extended in October until June 30, 2021.

The President of the World Bank, David Malpass, welcomed the new extension, while calling on the G20 countries to show "greater transparency".

"I urge all G20 countries to publish the terms of their funding contracts, including rescheduling," he said.

The impact of this initiative was quite limited, as private creditors did not participate.

To date, only 46 countries, out of the 73 eligible, have requested and obtained a deferral of the payment of interest, for an amount of 5.7 billion dollars.

In November, a new step was taken with the adoption by the G20 finance ministers of a "common framework" to reduce the debt burden, an initiative they pledged on Wednesday to implement in a manner " open and transparent ".

The NGO Oxfam has ruled that the extension of the moratorium is insufficient and "only postpones the problem": "if debt cancellation is not part of the solution, the poorest countries in the world will continue to grapple with the devastating effects of the pandemic ".

- "Breakthrough" on a minimum tax this summer?

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On the American proposal to relaunch the work of a global minimum tax on companies, the G20 countries have not gone too far.

They contented themselves with declaring that they remained "committed to finding a comprehensive and consensual solution by mid-2021".

"It is urgent to reach an agreement. Summer is the moment when this must happen, it would also be a breakthrough for Europe and Germany", insisted the German Minister of Finance Olaf Scholz.

His Irish counterpart Paschal Donohoe, whose country attracts multinationals with favorable taxation, however expressed "reservations" about the idea of ​​a minimum global tax.

While the negotiations on this reform, carried out under the aegis of the OECD, had failed in the autumn because of the American blockage, the change in attitude of the new administration nonetheless nourishes the hope of an agreement in the United States. 'summer.

The thresholds mentioned for such a minimum rate range from 12.5% ​​to 21%.

This reform concerns two aspects: the establishment of a world minimum rate, and a system aiming to modulate the corporation tax according to the profits made in each country, regardless of their tax establishment.

This last section mainly concerns the Internet giants, many of whom practice tax optimization, by establishing their headquarters where the tax rate is lowest.

© 2021 AFP