Russia President Vladimir Putin on Saturday called on the participants in the G20 summit in Riyadh to take additional steps to prevent the deterioration of the debt crisis in developing countries, as well as an increase in economic and social inequality amid the coronavirus pandemic
MOSCOW (Pakistan Point News / Sputnik - 21st November, 2020) Russia President Vladimir Putin on Saturday called on the participants in the G20 summit in Riyadh to take additional steps to prevent the deterioration of the debt crisis in developing countries, as well as an increase in economic and social inequality amid the coronavirus pandemic.
During his address, Putin noted the considerable assistance provided by the International Monetary Fund and the World Bank to developing countries in these conditions. The president recalled that in April, at their suggestion, the G20 decided to establish a temporary moratorium on debt payments.
"This is, of course, a highly demanded initiative. However, it applies only to the poorest countries and does not include their debts to private lenders, affecting less than 4 percent of the total cost of servicing the debt of developing countries this year. I think additional measures are needed to prevent the worsening of the situation and growth of economic and social inequality," Putin said.
