G20 finance chiefs agree to provide debt relief to poor countries hit by COVID-19

G20 finance chiefs agree to provide debt relief to poor countries hit by COVID-19

Saudi Gazette reportRIYADH — Financial leaders of the Group of 20 major economies under the Saudi presidency endorsed on Friday a common framework for treating debt of developing countries hit hard by the coronavirus pandemic.Under the framework, creditor countries will negotiate together with a debtor country, which will be expected to seek the same treatment terms from private-sector creditors.In a meeting headed by Saudi Arabia's Minister of Finance Mohammed Al-Jadaan and Governor of the Saudi Arabian Monetary Authority Dr. Ahmed Al-Kholifey, they agreed to extend the Debt Service Suspension Initiative (DSSI) to mid-2021.In a