News & Analysis: G20

Nobel laureate Stiglitz calls for further debt restructuring

“Now that it’s lasted a year, a standstill is not enough. What needs to be done with debt is comprehensive and quick restructuring. We don’t want to fall into the trap of doing too little too late.”

via The Namibian

Will G7 commitment speed up Africa’s vaccine roll-out?

“With Africa lagging behind in the race to roll out Covid-19 vaccines, will recent undertakings by the G7 help to improve access?”

via African Business Magazine

China and other countries are stepping into Africa’s worsening debt crisis

“Chinese banks have offered significant debt restructuring both before and during the coronavirus era acting within and outside of the G-20 arrangements.”

via Washington Post

Ethiopia asks for debt relief as COVID-19 takes toll

“Ethiopia has asked for debt relief under a G20 programme to help poor countries reeling under the economic impact of coronavirus, making it the second African country to do so in the past week.”

via Financial Times

Chad becomes first country to ask for debt overhaul under G20 common framework

“Like several other African countries, Chad is struggling with a high debt burden against a backdrop of the coronavirus crisis and low prices for oil, its major export.”

via Reuters

Memo to Leaders: Three ‘no regret’ decisions for financing Africa’s post-COVID-19 future

To contain the economic damage of the pandemic and capitalize on the region’s underlying strengths, national and international leaders need to pursue urgent action.

via COVID-19 Africa Watch

Gordon Brown: G20 nations must devise a global plan for growth post-COVID-19

“It would be a historic act of collective statesmanship if G20 countries agreed that the bulk of the new SDR allocations should fund Africa. And if the IMF and the multilateral development banks match the first SDR allocation with funds from their own considerable resources and make good their commitments on debt relief, we have the makings of a $2tn 21st-century Marshall Plan for the developing world.”

via Financial Times

Interview: Dr. Youssef Boutros-Ghali on COVID-19, Debt Sustainability, and Macroeconomic Policy in Africa

COVID-19 Africa Watch talks to Dr. Youssef Boutros-Ghali, former Finance Minister of Egypt and former chairman of the IMF’s International Monetary and Financial Committee, about the economic impact of the pandemic, the policy response, SDRs, and more.

via COVID-19 Africa Watch

How to get Africa out of debt

“Many African countries were already in debt distress before COVID-19, and the pandemic has made it worse, lifting average debt-to-GDP ratios from about 60% to 70%. The G20 Debt Service Suspension Initiative was extended to June 2021. But much more is needed.”

via SAIIA

Why the developing world needs a bigger pandemic response

“The appeal of SDRs for developing countries is that they fill a gap in the toolkit available to advanced economies: money creation. While advanced economies have been able effectively to print money by buying their own bonds in a world of low or negative interest rates, most developing countries cannot do that without risking instability.”

via Financial Times