Half a billion dollars for the Arab countries from the “twenty” initiative to suspend debts

Saudi Finance Minister Muhammad Al-Jadaan underlined, during a hypothetical meeting of the Group of Twenty, chaired by Saudi Arabia with the International Monetary Fund, to discuss “increasing opportunities in Arab countries”, the difficulty of determining the depth of the impact of the “Corona” pandemic, revealing that the share of Arab countries from the twenty initiative in the service of debt relief is half a billion dollars.
Al-Jadaan said: “In response to this epidemic, G20 members are taking immediate and exceptional measures to tackle the epidemic, implementing unprecedented measures for financial, monetary and financial stability,” adding that the finance ministers of the G20 and central bank governors have ratified the commitments of the G20 action plan, which includes Initiating debt relief initiatives for the benefit of the poorest countries to benefit from them with better liquidity resources.
According to Al-Jadaan, the total amount benefiting Arab countries was around $ 500 million, underlining that the disproportionate impact of the epidemic (Covid 19) has affected vulnerable groups and improves access to opportunities for all. also in the Arab region.
In July 2020, G20 finance ministers and central bank governance, under the kingdom’s G20 presidency, approved a list of G20 policy options to improve access to opportunities for all.
According to Al-Jadaan, this list, together with a background paper on the subject prepared by the International Monetary Fund and World Bank for the Group of Twenty, provides an effective set of policy options that can be used to support the immediate response to the Corona epidemic and move economies towards a strong, sustainable, balanced and global recovery. .