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WASHINGTON (Reuters) - Group of 20 major economies should work to provide trillions of dollars in trade financing for developing countries to ensure the recovery of the global economy from the COVID-19 pandemic, a top official with the World Trade Organization said on Saturday. FILE PHOTO: World Trade Organization (WTO) Deputy Director-General Alan Wolff speaks at a news conference following the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence LoWTO Deputy Director General Alan Wolff told G20 leaders it was critical to utilize trade to help underwrite the economy, facilitate trade in essential medical supplies, and reform the institutional framework for world trade. The lack of access to trade financing hits least developed countries hardest that already suffer from the high cost of financial transactions. The Geneva-based world trade body is in turmoil as the administration of outgoing U.S. President Donald Trump has blocked both selection of a new director general and the functioning of a dispute settlement body.
Persons: Alan Wolff, Florence Lo, ” Wolff, , Wolff, Donald Trump Organizations: WASHINGTON, World Trade Organization, Trade Organization, REUTERS, WTO Locations: Beijing, China, Florence, U.S, Geneva
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
China says has given $2.1 billion of debt relief to poor countries
  + stars: | 2020-11-20 | by ( Reuters Staff | ) sentiment -0.99   time to read: +2 min
REUTERS/Florence LoBEIJING (Reuters) - China has extended debt relief to developing countries worth a combined $2.1 billion under the G20 framework, the highest among the group’s members in terms of the amount deferred, the country’s Finance Minister Liu Kun said on Friday. The China Development Bank [CHDB.UL], as a commercial creditor, signed agreements with developing countries involving $748 million by the end of September, said Liu. However, that is tiny compared with the debt developing countries owe China. The poorest countries’ official bilateral debt to G20 countries reached $178 billion in 2019, with 63% of the total owed to China, a World Bank study showed. China will also consider making donations to a multilateral debt relief facility if the World Bank decides to set one up, Liu said.
Persons: Liu Kun, Florence Lo, Liu’s, Liu, prioritise Organizations: Chinese Finance, REUTERS, country’s Finance, The China International Development Cooperation Agency, Export, Import Bank of China, China Development Bank, DSSI, Institute of International Finance, World Bank Locations: Beijing, China, Florence, United States, Africa
Florence Lo | ReutersChinese state media has accused the U.S. of "hooligan logic" in its push for certain conditions in the TikTok deal and cast doubt over whether Beijing will approve the terms. The Chinese tabloid completely changed its tune just one day after saying it expects Beijing to approve the "reasonable" deal. Oracle's Executive Vice President Ken Glueck released a statement to CNBC shortly after Trump's remarks that said Americans will have a "majority" of control over TikTok Global. One was that Americans would make up four out of five of the board seats of TiKTok Global, while ByteDance's CEO and founder Zhang Yiming will take the remaining one. The Chinese tabloid claimed that "TikTok and Douyin should have the same source code, this means the US can get to know the operations of Douyin, the Chinese version of TikTok."
Persons: Florence Lo, Washington, messier, Donald Trump, ByteDance, Trump, Ken Glueck, Trump's, Zhang Yiming Organizations: Reuters, Global Times, Walmart, Oracle, TikTok, Fox News, CNBC, Trump, Washington, TiKTok, Oracle, CNBC Locations: China, U.S, Beijing, Douyin, Beijing
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