G20 Announces Debt Relief Process

Submitted by HannahJubilee on Fri, 11/13/2020 - 09:30

 G20 finance ministers held an extraordinary meeting and announced further plans on debt reduction for developing countries affected by the COVID-19 economic crisis. 

“The G20 created a process that includes all creditors, including the private sector, in debt relief plans for the poorest countries,” said Eric LeCompte, Executive Director of the religious development organization Jubilee USA and a United Nations finance expert. “Unfortunately, developing middle-income countries are excluded from this process as they face some of the highest poverty increases because of the coronavirus crisis."

The “Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative," focuses on 73 of the world's poorest countries. Next week, G20 heads of state gather for their annual summit. In December, Italy takes over the G20 Presidency.

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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