G20 finance officials pledge immediate, exceptional measures to address COVID-19

RIYADH -- Group 20 (G20) finance ministers and central banks governors vowed on Saturday to take immediate and exceptional measures to address COVID-19.

During a video meeting held on Saturday, they welcomed the progress of the Debt Service Suspension Initiative (DSSI), said a statement by the Saudi G20 Presidency.

To date, 42 countries have requested to be benefited from the DSSI, amounting to an estimated $5.3 billion of 2020 debt service to be deferred.

To provide maximum support to DSSI-eligible countries, the G20 officials vowed to continue to closely coordinate in its implementation.

"We will consider a possible extension of the DSSI in the second half of 2020, taking into account the development of the COVID-19 pandemic situation," the officials said.

The statement highlighted that the G20 officials would continue to facilitate international trade and investment and to build resilience of supply chains to support growth, productivity, innovation, job creation and development.

The G20 countries have been holding frequent meetings to address various aspects of the global impacts of COVID-19 to promote collaboration to address them.