#BillMorneau; #G7; #G20; #IMF; #GlobalEconomy; #WorldBank; #COVID19Crisis
Ottawa, Apr 19 (Canadian-Media): Bill Morneau, Federal minister of Finance participated, this past week, in productive virtual meetings of the G7 and G20 Finance Ministers and Central Bank Governors, in which he and his colleagues endorsed the G20 Action Plan of Supporting the Global Economy through the COVID-19 Crisis, media reports said.
Bill Morneau. Image credit: Twitter handle
COVID-19 is a global crisis that requires global collaboration, said Morneau. This week’s discussions with G7, G20, the IMF and the World Bank Group colleagues resulted in co-ordinated help for vulnerable countries to address the pandemic, notably by suspending all official bilateral debt service repayments.
COVID-19 Debt Service Suspension Initiative was stronly supported by Canada.
"Canada also announced a new $1 billion loan commitment to help the IMF meet the urgent financing needs of low-income countries...will continue to take necessary action at home, and with international partners, to mitigate economic impacts...We are all in this together,” said Morneau
All bilateral and private creditors were urged by Morneau to participate in this initiative, stressing that debt sustainability and transparency are essential prerequisites to inclusive and sustainable growth.