IMF chief Georgieva asks for continued debt relief as pandemic aid winds down

Asia's Tech News Daily

#Business, #debt relief, #Economy, #G20's Common Framework, #IMF, #Kristalina Georgieva, #World News

With a pandemic debt suspension program in its final weeks, IMF Managing Director Kristalina Georgieva on Wednesday encouraged creditors in more advanced nations to continue offering aid to poor countries.

Early in the pandemic, G20 nations agreed to the Debt Service Suspension Initiative (DSSI), which offered 73 low- and middle-income countries the ability to halt debt payments during the pandemic.

That will expire at the end of the year, and the IMF chief encouraged countries to offer relief under the “Common Framework” aimed at DSSI-eligible countries that continue to struggle with their debt loads.

“We must speed up the implementation of the G20’s Common Framework for debt resolution,” Georgieva wrote in the Washington-based crisis lender’s blog released ahead of a gathering of the bloc’s leaders in Rome beginning Saturday.

“The keys are to provide more clarity on how to use the framework and offer incentives to debtors to seek framework treatment as soon as there are clear signs of deepening debt distress,” she wrote.

While the DSSI offers repayment over a fixed timeframe following a grace period, the Common Framework is more flexible, with repayment periods based on countries’ individual circumstances and provisions to require participation from private and other lenders.

More than 40 countries have received DSSI relief totaling $5 billion since it took effect in May 2020, according to the World Bank.

The pandemic aid program was originally scheduled to conclude at the end of last year but was extended through the end of 2021.

World Bank President David Malpass earlier this month called for a comprehensive plan to deal with debt loads in low-income countries, which surged 12 percent to a record $860 billion in 2020 amid the pandemic downturn.

He said the DSSI “wasn’t broad enough,” adding, “I think there should be consideration by the world of what to do after January 1. And a suspension is something that could be considered.”

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Unacademy announces programme to educate 5 lakh girl students in India

Image: Shutterstock Online education startup Unacademy on Friday announced a new programme – Shikshodaya – that aims to educate five lakh girl students in the country. Unacademy, which is backed ... Read more »

China's Kaisa starts talks with bondholders as default threat looms

Chinese property developer Kaisa Group Holdings Ltd has begun talks with some of its offshore bondholders over extending the deadline for a $400 million debt repayment due next week, two sources ... Read more »

Over 200 FPOs given credit guarantee cover of Rs 67.91 crore in last 7 years: Narendra Singh Tomar

Representative image The government has extended credit guarantee cover of Rs 67.91 crore to more than 200 farmer producer organisations (FPOs) in the last seven years, Parliament was informed on ... Read more »

FDI in food processing sector down 54% to Rs 2,934 crore last fiscal

Foreign direct investment (FDI) in food processing sector declined 54 per cent to Rs 2,934.12 crore in 2020-21 as compared to the previous year, the government said on Friday. In ... Read more »

Jet Airways in 'advanced discussions' with Boeing, Airbus for buying aircraft

Jet Airways, which is preparing to relaunch operations next year, on Friday said it is in “advanced discussions” with Boeing and Airbus for buying and leasing planes. The grounded airline ... Read more »

KEC International shares jump on new orders worth Rs 1,065 crore

Representative image Infrastructure engineering, procurement and construction (EPC) major KEC International on Friday said it has bagged new orders worth Rs 1,065 crore across various businesses. Its Transmission & Distribution ... Read more »

Hero MotoCorp expands operations in Argentina

Representative image Two-wheeler market leader Hero MotoCorp on Friday announced the expansion of operations in Argentina with the opening of its flagship dealership in Buenos Aires in partnership with Gilera ... Read more »

Far East, Arctic development corporation to assist Nornickel in ecology, tourism projects

According to Nornickel’s Vice President Andrei Grachev, the company’s investment program plans investments in various projects in the amount of $30 billion, where 6 billion are planned for ecology projects Read more »

Confident that India, Australia will meet deadlines of finalising trade pact: Tony Abbott

Australian Prime Minister’s Special Trade Envoy Tony Abbott on Friday expressed confidence that India and Australia would meet the deadline of finalising the proposed trade pact, which aimed at enhancing ... Read more »

Nornickel: Taimyr to host indigenous peoples' international forum in 2022

The event will be organized in the framework of Russia’s chairing the Arctic Council Read more »

KEC International bags orders worth Rs 1,065 crore

Representative image Infrastructure engineering, procurement and construction (EPC) major KEC International on Friday said it has bagged new orders worth Rs 1,065 crore across various businesses. Its Transmission & Distribution ... Read more »

WTO joint statement to enhance transparency in services industry

gettyimagesbank By Lee Kyung-min Korean firms will be able to expand their overseas business more efficiently, a move outlined in a joint initiative statement signed by 67 member countries of ... Read more »

India's services sector activity in November registers second-fastest pace of growth since July 2011: Survey

Representative image of hotel lobby. India’s services sector activity expanded at the second-fastest pace in more than a decade during November, driven by sustained rise in new work and improvement ... Read more »

Here's why an obscure waste-management firm in Chennai has attracted $4.1 billion 

Until a few days ago, nobody had heard of Ram Charan. So, the humongous investment into this obscure company, which has a capital base of just Rs 20 crore, is ... Read more »

UN plans to drastically expand plastic waste management in India

Once an important commercial waterway, the Buriganga river in the southwest outskirts of Dhaka, Bangladesh, has now turned into a plastic river. (Image: Shahriar Hossain (Bangladesh) via UN) The United ... Read more »

PM Narendra Modi: Time for fintech revolution with low-cost, reliable payment system

Inaugurating the InFinity Forum, PM Narendra Modi said that technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. Prime Minister Narendra Modi, on ... Read more »

AirAsia India introduces in-flight safety manual for visually impaired guests

On International Day of Persons with Disabilities, AirAsia India on Friday introduced an in-flight safety manual in braille in collaboration with the Helen Keller Institute for the Deaf and Deafblind ... Read more »

(2nd LD) Nat'l Assembly passes record 607.7 tln-won gov't budget for 2022

(ATTN: ADDS finance chief’s comments, nat’l debt in last 4 paras)By Lee Haye-ah SEOUL, Dec. 3 (Yonhap) — The National Assembly passed the 2022 government budget Friday, a record high ... Read more »

Singapore retail sales rise 7.5% in October but F&B sees drop amid Covid-19 dine-in curbs

SINGAPORE – Retail sales in Singapore saw better-than-expected growth in October despite tighter Covid-19 restrictions, partly due to higher mobile phone sales from new product launches. Takings at the till ... Read more »

Daewoo Shipbuilding wins 383 bln-won order for offshore facility

By Nam Kwang-sik SEOUL, Dec. 3 (Yonhap) — Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has signed a 383 billion-won (US$325 million) deal to build a wind ... Read more »

Dollar rises to 73.84 rubles on Moscow exchange

Euro moves up to 83.5 rubles Read more »

Reinfections three times more likely with Omicron Covid-19 variant: Study

Representative image: Reuters A preliminary study by South African scientists published Thursday suggests the Omicron variant is three times more likely to cause reinfections compared to the Delta or Beta ... Read more »

Lawyers allied with Donald Trump ordered to pay $175,000 in sanctions

Nine lawyers allied with former US President Donald Trump were ordered on Thursday to pay Detroit and Michigan a total of USD 175,000 in sanctions for abusing the court system ... Read more »

Elon Musk exercises more options, sells Tesla shares worth $1.01 billion

File image of Elon Musk Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related ... Read more »

Govt buys 291 lakh tonnes of paddy for Rs 57,032 crore so far in 2021-22 kharif marketing year

Representative image The government has procured paddy worth Rs 57,032 crore so far in the 2021-22 kharif marketing season. “The paddy procurement is progressing smoothly in Kharif Marketing Season (KMS) ... Read more »

Companies caution against hasty reaction to Omicron, seek uniform policy

India Inc on Thursday urged the Centre to follow a uniform policy across the country at all entry points to address concerns about the Omicron variant of coronavirus and cautioned ... Read more »

Online shopping hits record high in Oct. amid COVID-19 pandemic

SEOUL, Dec. 3 (Yonhap) — Online shopping in South Korea hit a record high in October on the back of solid demand for food delivery services and electronic goods amid ... Read more »

WHO deploys team in South Africa to tackle Omicron variant

The World Health Organization (WHO) has deployed a team of officials to South Africa’s Gauteng province, the epicentre of the new Omicron coronavirus variant, for ramping up surveillance measures and ... Read more »

Angela Merkel at farewell ceremony: Don't tolerate hate

Outgoing Germany Chancellor Angela Merkel called on Germans to stand up to hatred, at a military ceremony bidding her farewell after 16 years in office. Merkel was honoured with a ... Read more »

Work and play in space? NASA awards $415.6 million for new space hubs

NASA announced this month that Musk’s SpaceX was the sole winner in the competition, beating Blue Origin and a third company, Dynetics of Huntsville, Alabama, a defense contractor. NASA announced ... Read more »

Google delays mandatory return to office beyond January 10

Alphabet Inc’s Google said it is indefinitely pushing back its January return-to-office plan globally amid growing concerns over the Omicron variant of the coronavirus and some resistance to company-mandated vaccinations. ... Read more »

Apple warns suppliers of weak demand for iPhone 13 lineup

The iPhone 13 models received some major upgrades in the camera and battery department, with the Pro models getting major display improvements as well. Apple Inc has told its parts ... Read more »

US reports first community transmission of Omicron as variant spreads across globe

Raian Karanjawala feels that post COVID-19, will be an amalgamation of touchy-feely kind of litigation and the new smart work, ‘Zoom call habit’ that has now come into practice. (Image ... Read more »

Gita Gopinath to take on new role at IMF as First Deputy Managing Director

Gita Gopinath is the first-ever woman Chief Economist of the IMF. (File image) Indian-American Gita Gopinath, the chief economist of International Monetary Fund, is being promoted as IMF’s First Deputy ... Read more »

New US COVID-19 international travel testing rules take effect from today

New rules requiring international air travelers arriving in the United States to obtain a negative COVID-19 test within one day of travel will take effect Monday at 12:01 a.m. ET ... Read more »

Dollar edges higher before US jobs report as Omicron fears ease

Investors also look to how mainland Chinese markets will react when they will reopen on September 22 after a four-day weekend. (Representative image) The dollar ticked higher on Friday amid ... Read more »

Imported car sales fall 31 pct in Nov. amid chip shortages

SEOUL, Dec. 3 (Yonhap) — Sales of imported vehicles in South Korea fell 31 percent in November from a year earlier as chip shortages continued to disrupt vehicle production and ... Read more »

Hiring was likely strong and employers boosted wages in November, economists say

A worker moves boxes of goods to be scanned and sent to delivery trucks during operations on Cyber Monday at Amazon's fulfillment center in Robbinsville, New Jersey, November 29, 2021. ... Read more »

China introduces restrictions for import of goods from Russia - consulate-general

Since November 29, Suifenhe railway station temporarily does not accept box railcars from Russia with goods requiring manual unloading Read more »

OPEC+ output decision due to balanced market, demand recovery, says Novak

According to the Russian deputy prime minister, such decision was made mainly due to the fact that the market was balanced, the demand was gradually recovering Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic