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

Saudi Finance Minister Muhammad Al-Jadaan stressed during a hypothetical Group of Twenty meeting chaired by Saudi Arabia with the International Monetary Fund to discuss “strengthening the availability of opportunities in countries Arabs “, the difficulty of determining the depth of the impact of the” Corona “pandemic, revealing that the share of the Arab countries of the twentieth initiative in the service of the suspension of the debt is half a billion dollars.
Al-Jadaan said, “In response to this epidemic, G20 members are taking immediate and exceptional measures to combat the epidemic, implementing unprecedented measures for financial, monetary and financial stability,” adding that G20 finance ministers and central bank governors have ratified the commitments of the G20 action plan, which includes Launch initiatives to suspend debt service for the benefit of the poorest countries to benefit from it with better resources in cash.
According to Al-Jadaan, the total amount in favor of Arab countries was around $ 500 million, pointing out that the disproportionate impact of the epidemic (Covid 19) has affected vulnerable groups and improves access to opportunities for all, including in the Arab region.
In July 2020, G20 finance ministers and central bank governance, under the presidency of the G20 Kingdom, approved a list of G20 policy options to improve access to opportunities for all.
According to Al-Jadaan, this list, along with a background paper on the subject prepared by the International Monetary Fund and the 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 outbreak and move economies forward towards a strong, sustainable, balanced and comprehensive recovery. .