With Alberto, the G20 urged the IMF to suspend debt services and provide financing to countries in crisis

President Alberto Fernandez attended the Summit of the Leaders of the Group of 20 (G20) which, on this occasion, practically agreed to continue to support developing countries facing the economic, social and health effects of the pandemic of coronavirus.

Chaired from Riyadh, the summit approved a declaration that commits G20 member countries to strengthen access to finance countries to the vaccine and other elements needed to attack Covid-19.

With a generalized crisis and a drop in gross product, the G20 ensured more stabilization actions with fiscal, monetary and financial tools, To make sure that “The most important credit institutions and international organizations support emerging, developing and low-income countries”.

The government took the terms of the declaration as a triumph, which strengthens it in the face of the renegotiation of the loan Be ready that the Argentinian state negotiates to reimburse International Monetary Fund (IMF) with a three-year grace period.

The leaders’ statement, endorsed by the outgoing President of the United States, Donald trump; the German Chancellor, Angela Merkel; the Chinese Xi Jinping and russian Vladimir Poutine, among others, reinsured the suspension of debt services for some 70 low- and lower-middle-income countries, following the initiative implemented by the IMF and the world Bank. This suspension currently runs until June 2021, but could be extended for another six months.

Likewise, countries have made an appeal to private creditors, among whom they detect a certain “lack of participation” in information laundering processes and loan terms, and ordered them to “participate on comparable terms when countries so require” that could be covered by the Debt Service Suspension Initiative.

Fernández took advantage of the second plenary session of the summit to highlight “the asymmetries between the central and peripheral countries and the social inequalities” which are accentuated in the region with the pandemic, and to demand some coordination to implement ” economic, industrial and social policies oriented towards structural change in our economies, that today they only prefer that the income be concentrated in very and that poverty is spread among millions. ”

The president spoke of promoting “a balance between economic growth, social inclusion and environmental sustainability”, strengthening energy cooperation, after the oil price crisis earlier this year, and moving towards “open and transparent agricultural trade”, which meant a message between the lines to the economic powers, especially European ones, which are slowing down the debate aimed at removing protectionist measures in this market.

Unlike Trump, Fernández has ratified the commitments of the Paris Agreement and invited redouble efforts to support actions in the area of ​​adaptation and disaster risk reduction linked to climate change.