News & Analysis: G20

G20 readies limited extension of debt relief for poorest nations

“The G20 group of wealthy nations is preparing to extend its offer of debt relief for the world’s poorest countries into next year, but faces a growing chorus of criticism for its limited ambition in the face of a mounting crisis in emerging economies.”

via Financial Times

Emerging economies plead for more ambitious debt relief programmes

“Financial assistance for cash-strapped governments has so far fallen well short of what is needed — and of what advanced economies have been willing to do for themselves — according to critics.”

via Financial Times

Ghanaian finance minister: Africa deserves more COVID-19 help

“Africa has recorded more than 1.5m cases and counting, though in terms of infections and deaths, we have fared better than most regions. Our economies, however, have not been spared. Across the continent, governments are facing falling revenues, rising expenditures, increasing debt distress, and significant reversals in development indicators.”

via Financial Times

Conflict during COVID-19: Averting a legitimacy and debt crisis in Africa?

“The combination of the COVID-19 pandemic, rising conflict, and escalating debt in Africa is a toxic cocktail that could soon implode. Governments and multilateral lenders need to work out pragmatic ways to neutralise and navigate out of the crisis.”

via International Growth Centre

Debt Relief for Poor Countries: Three Ideas Whose Time Has Come

“There are three critical and urgent issues that should rise to the top of the agenda for the upcoming meetings of the G20 and the IMF and World Bank: making temporary debt service standstills work for poor countries with demonstrable need; shifting into high gear for IMF finance; and making IMF finance contingent on private creditor participation in debt restructurings.”

via Center for Global Development

Africa Needs Its Own “New Deal”

“Africa requires a ‘New Deal’ approach to debt relief and economic recovery, a mechanism to provide jobs and infrastructure that helps African economies recover from the worst recession since the Great Depression. As Roosevelt’s New Deal focused on much-needed job creation, a similar plan could be adopted in Africa.”

via Fair Observer

The Unfinished Agenda of Financing Africa’s COVID-19 Response

“The continent’s pandemic-response funding gap is likely to amount to some $100 billion annually over the next three years. The international community – especially the G7, the G20, and multilateral development banks – must take bold, innovative, and expeditious action to close it.”

via Project Syndicate

Africa’s gathering debt storm

“Without rapid and vastly increased external help to weather the COVID-19 storm and ease their debt-service burden, many African economies could collapse. This would directly affect the rich world in ways for which it is not prepared.”

via SAIIA

G20 debt relief for Africa may be too little too late as pandemic takes toll

“Economic Commission for Africa negotiator says she is not aware of any African countries gaining from China debt relief under G20 deal. Eligible countries spend US$92 million a day on debt payments when they could be tackling pandemic-related crises.”

via South China Morning Post

As COVID-19 spreads, Africa needs another ‘London Moment’

“Last month’s Group of Twenty finance ministers’ meeting proved that the international community is too cautious about helping Africa in its time of need. The ministers failed to extend a debt-service moratorium through 2021, and they offered no other assistance even as COVID-19 spreads across Africa, stretching health care systems and destroying livelihoods.”

via Atlantic Council