SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 22 Nov, 2020  

World.Bank.9.Thmb.jpg World Bank chief welcomes G20 progress on debt relief

World.Bank.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 23 Nov, 2020
World Bank Group President David Malpass said that he was very pleased to see the progress the G20 group of countries has made on debt transparency and debt relief.

"These are important, positive steps for development, and I've been glad to see constructive responses from major creditors," Malpass said in remarks to the 12th G20 summit hosted by Saudi Arabia via video conference on Saturday.

The G20 endorsed the Debt Service Suspension Initiative (DSSI) in April to help the poorest countries in response to the Covid-19 pandemic.

The DSSI was extended in October by six more months.

Last week, G20 Finance Ministers and central bank governors pledged to commit to the DSSI in close coordination, saying that maximum support would be provided for DSSI-eligible countries.

Chinese President Xi Jinping on Saturday said that the country supports a G20 decision on the extension of the DSSI, and will continue to fully implement it along with other parties.

"President Xi's commitments and last week's announcements are helpful and welcome," Malpass said at the virtual summit.

"Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery," said the World Bank chief, adding that "more needs to be done."

Malpass noted that the debt challenges are becoming more frequent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, "the poverty outlook remains bleak".

"We need to guard against doing too little now, and then suffering disorderly defaults and repeated debt restructurings as in the 1980s," he said.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter