Corona Crisis: G20 countries will not collect the debt from poor countries right now
The G-20 countries have decided to stop debt collection from the poorest countries of the world right now. This decision has been taken in view of the havoc of Coronavirus. Finance Ministers of G-20 countries said after the meeting that we support the pending payment of loans from poor countries for some time. The World Bank and 20 European and African countries jointly appealed to the G20 countries on this issue. Finance ministers of these countries with 20 major economies issued a joint statement after video conferencing, saying the debt collection would be stopped immediately. However, the statement did not say how long the debt would not be recovered or how many countries would benefit from it. While France's Finance Minister Bruno Le Mer said that 76 countries of the world can take a decision not to recover the debt.
However, the statement also raised concerns that China may block the course of such measures. Whereas these measures are intended to allow the poorest nations to spend on their health care.
Sitharaman appealed to maintain economic stability:
Indian Finance Minister Nirmala Sitharaman, while attending the G-20 meeting, has appealed to maintain economic stability for the protection of people's lives and livelihoods. During this, he also discussed the measures to be provided by the government in India to help the weaker sections expeditiously. He said, member countries have played a role in protecting people's lives and livelihoods while maintaining macroeconomic stability in sustainable ways, which is necessary to continue.
