AfDB, IMF, UN bosses want expansion of debt service initiative

HEADS of multilateral development finance institutions have called for expansion of the debt service suspension initiative under which low-income countries have suspended debt repayment during the coronavirus era to offer relief.
African Development Bank (AfDB), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), World Trade Organisation (WTO) and Inter-American Development Bank, United Nations (UN) and heads of states said the debt service suspension initiative should be widened beyond – low-income countries and its current expiration extended to offer much-needed fiscal space.
During a financing for development in the era of COVID-19 and beyond meeting, the panelists also called for special drawing rights to be re-allocated to poorer countries.
Canadian Prime Minister Justin Trudeau, Jamaican Prime Minister Andrew Holness and UN Secretary-General António Guterres convened the virtual meeting.
AfDB president Akinwumi Adesina said Africa’s economic recovery will hinge on securing equitable access to vaccines and CLICK TO READ MORE

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