G20 exploring structural approaches to boost funding for developing countries

A handout photo released by the Saudi Energy Ministry on April 10, 2020 shows Saudi Arabia’s Energy Minister Abdulaziz bin Salman (3rd-L) chairing a virtual extraordinary meeting of G20 Oil ministers, in the capital Riyadh. (AFP)

RIYADH (RAHNUMA) The Group of 20 major economies on Friday said they are looking at structural approaches to secure longer-term financing for developing countries, including development of domestic capital markets and work to catalyze private sector investment.

In a statement, the Saudi G20 secretariat said 46 countries had applied for relief under the Debt Service Suspension Initiative (DSSI) approved by G20 members in April that offers a freeze in official bilateral debt payments to free up funds for countries to spend on fighting the pandemic.

“All major official bilateral creditors remain committed to suspending due debt service payments to the most vulnerable countries in these challenging times,” said Bandr Alhomaly, a senior official with the Saudi G20 presidency.

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