New York, Deputy Permanent Representative of the Kingdom of Saudi Arabia to the United Nations, Dr. Khalid bin Mohammed Manzalawi, participated this evening in a Group of Friends meeting called by the Permanent Representative of the brotherly Islamic Republic of Pakistan to the United Nations, Ambassador Munir Akram, in order to discuss a global initiative to reduce the debt burden of countries under pandemic COVID-19, in response to a proposal put forward by the Prime Minister of Pakistan Imran Khan.
In his speech at the meeting, the Deputy Permanent Representative of the Kingdom of Saudi Arabia to the United Nations, Dr. Manzalawi, affirmed that the Kingdom, as the current Chairman of G20, supports the initiatives to temporarily suspend debt payments by the poorest countries and the need in the world to help them and alleviate their burden during the struggle against the COVID-19 pandemic.
He said that this is what was confirmed by the final statement of the meeting of finance ministers and central bank governors, which was held virtually in last month, as the ministers welcomed the important steps taken by the International Monetary Fund, the World Bank Group, and other international financial institutions to assist countries in need using all tools and to the maximum extent possible within the framework of implementing a coordinated global response, indicating that the statement supported increased adoption of a strong financial response and its rapid implementation to help the needy country and maintain global financial stability and durability.
Dr. Manzalawi added that this financial response includes providing a comprehensive support package from the International Monetary Fund, the urgent application of the support proposed by the World Bank Group and multilateral development banks, which amounts to more than $ 200 billion, and addressing debt-related weaknesses in low-income countries as a result of COVID-19 pandemic, as well as strengthening coordination between international organizations to maximize the impact of support and increase utilization of resources.
Dr. Manzalawi said that the G20 countries agreed to suspend debt-service payments for a specific period of time for the poorest countries requesting a reprieve, in addition to agreeing on a coordinated approach which was also approved by the Paris Club.
Dr. Manzalawi said at the end of his speech that the Kingdom of Saudi Arabia calls on all countries and non-governmental organizations to cooperate with each other to reach a global initiative to alleviate the debt burden of developing countries that were affected by this pandemic.
The meeting was attended by Chairman of the Economic Committee of the Kingdom’s delegation, First Secretary Bandar bin Mahdi Al-Nahdi.
Source: Saudi Press Agency