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The Covid-19 pandemic, which will throw the global economy into a deep recession this year before an economic rebound expected in 2021, is at the top of the agenda. G20 leaders are concerned that the pandemic might further deepen global divisions between the rich and the poor. To do that, the European Union urged G20 leaders to quickly put more money into a global project for vaccines, tests and therapeutics called Access to Covid-19 Tools (ACT) Accelerator. Extending the temporary debt relief could encourage some additional countries to ask for forbearance, experts say, but private sector creditors must also agree to participate. Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.
Persons: King Salman bin Abdulaziz, Emmanuel Macron, Ursula von der Leyen, Vladimir Putin, Xi, Charles Michel, Antonio Guterres, David Malpass, Donald Trump Organizations: Saudi, European Union, ACT, Twitter, International Monetary Fund, United Nations, Reuters, NBC, Bank Locations: BEIJING, DUBAI, Saudi Arabia, Moscow, China, pandemics, Africa, Sterling, Virginia
World Bank warns G20 against doing too little now to address debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File PhotoWASHINGTON (Reuters) - World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress on debt transparency and debt relief, but more needed to be done. “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,” he said in remarks to a summit of leaders of the Group of 20 major economies.
Persons: Johannes P, David Malpass, Malpass, Organizations: Bank, International Monetary Fund, REUTERS, WASHINGTON Locations: Nusa Dua, Bali, Indonesia, Chad, Angola, Ethiopia, Zambia
World Bank warns G20 against doing too little to tackle debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. “Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery,” Malpass told G20 leaders during a videoconference meeting. Some countries, including China, have remained reluctant to embrace the need for debt cancellation, although top economists say that will likely be needed in some cases. Private sector creditors have also failed to join in, despite repeated calls by G20 leaders, civil society groups and the United Nations. In Sudan, he said he was hopeful that arrears clearance could move quickly, especially given the inflow of refugees from neighboring Ethiopia, which would allow substantial World Bank funding to begin flowing almost immediately.
Persons: David Malpass, Johannes P, Malpass, ” Malpass, Organizations: WASHINGTON, Bank, International Monetary Fund, REUTERS, Group, United Nations, West Bank, United Locations: Nusa Dua, Bali, Indonesia, Latin America, Chad, Angola, Ethiopia, Zambia, China, Somalia, Lebanon, Gaza, Sudan, United States
G20 leaders seek to help poorest nations in post-COVID world
  + stars: | 2020-11-21 | by ( Raya Jalabi | Ryan Woo | ) www.reuters.com + 0.00   time to read: +4 min
"Family Photo" for annual G20 Summit World Leaders is projected onto Salwa Palace in At-Turaif, one of Saudi Arabia?s UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020. G20 leaders are concerned that the pandemic might further deepen global divisions between the rich and the poor. To do that, the European Union urged G20 leaders to quickly put more money into a global project for vaccines, tests and therapeutics called Access to COVID-19 Tools (ACT) Accelerator. Extending the temporary debt relief could encourage some additional countries to ask for forbearance, experts say, but private sector creditors must also agree to participate. Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.
Persons: Shyoukhi, King Salman bin Abdulaziz, Emmanuel Macron, Ursula von der Leyen, , Vladimir Putin, ” Xi, Charles Michel, Antonio Guterres, David Malpass Organizations: Reuters, Heritage, REUTERS, Saudi, European Union, ACT, Twitter, International Monetary Fund, United Nations, World Bank Locations: BEIJING, DUBAI, Saudi Arabia, Diriyah, Moscow, China, pandemics, Africa
FILE PHOTO: World Bank President David Malpass attends the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence LoWASHINGTON (Reuters) - World Bank President David Malpass said on Friday that G20 countries need to move forward with “deep, permanent debt relief” and some may need to make legislative changes to push private-sector creditors to support sovereign debt restructurings for distressed countries. Malpass, in remarks to a G20 finance ministers and central bank governors meeting on Friday, said that“Major jurisdictions may need to look to legislative changes to support faster progress if private creditors aren’t able to move forward on their own,” Malpass said, referring to the bank’s call to require public creditor institutions to disclose debt contracts and make refinancing agreements public. “Where good faith efforts to reach agreement with creditors are underway, tolerance of arrears accumulation may be necessary to support COVID-related spending.”
Persons: David Malpass, Florence Lo WASHINGTON, ” Malpass, Organizations: Bank, REUTERS Locations: Beijing, China, Florence
ET Covid-19 Live Updates: Europe’s Case Count Tops 10 Million as Lockdowns Multiply The U.S. presidential campaigns are vying for virus-battered battleground states. Dr. Scott Atlas, the White House coronavirus adviser, apologized Sunday for giving an interview to a Russian state-sponsored news network that has spread disinformation. Many U.S. news organizations, including The New York Times, have reported that U.S. intelligence agencies consider RT to be a propaganda arm for Russia. Russian intelligence services have been spreading disinformation and propaganda about the coronavirus pandemic for months, using both Russian government outlets and other websites. —Advertisement Continue reading the main storyTrump will hold his election night party inside the White House, with up to 400 invitees.
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