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2020-04-15 International-UN-NGOs
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Debt moratorium agreed for poorest nations: France
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Might as well. It’s not as if they were going to repay their loans even under ideal conditions. [AlAhram] G20 and Gay Paree Club creditor nations have agreed to a partial moratorium on debt payments for the world's poorest countries in 2020 due to the coronavirus (aka COVID19 or Chinese Plague)
...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
crisis, French Finance Minister Bruno Le Maire said Tuesday.
There have been growing calls for debt forgiveness, including from Pope Francis
 ...Argentine liberation theologist, born Jorge Mario Bergoglio. He was elected pope in 2013. Rather than setting up shop in Avignon, where he belongs, the first Jesuit Pope chose to reside in the Domus Sanctae Marthae guesthouse instead of the papal apartments. He is big on climate change, against consumerism, and in favor of throwing a blanket over homosexual activity within the clergy. He's not real sure about the Resurrection, about Christ's divinity, and a few other things that would have gotten him burned at the stake a few hundred years ago, but he's hot for a certain South American Earth Mother Goddess...
and French President Emmanuel Macron, given the need for countries to lift spending on health care to confront the pandemic and its economic fallout.
For 76 eligible nations, including 40 in sub-Saharan Africa countries, La Belle France "obtained a moratorium from bilateral creditors and private creditors, for a total of $20 billion," Le Maire said in conference call.
That breaks out to $12 billion in payments to bilateral creditors and $8 billion to private creditors.
The total debt servicing costs for those nations this year was $32 billion.
Le Maire said the deal was reached at the level of the Gay Paree Club of creditor nations and the G20 group of most industrialised countries thanks to China's support.
"There remains $12 billion in multilateral payments of which the World Bank accounts of a large part. We'd like it to join the moratorium as well," said Le Maire, adding that due to technical issues the multilateral institution hadn't yet adopted a position.
IMF MORATORIUM, TOO
The International Monetary Fund (IMF) on Monday announced debt relief for 25 poor countries for six months.
Pope Francis in his Easter Sunday homily called for debt relief for the world's poorest countries.
In a televised national address on Monday, La Belle France's Macron went further and called for cancelling the debts. Le Maire acknowledged that a moratorium fell short of that goal, but said it represents a "major step" towards helping countries respond to the coronavirus crisis.
"If for certain countries among the poorest on the planet it appears that the debt is not sustainable... that could lead us cancel debts," Le Maire said.
He said cancellation of debts would be done on a case by case basis and on a multilateral level by creditors.
The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti.
The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021.
The debt relief will be funded by the IMF's Catastrophe Containment and Relief Trust (CCRT), which was first set up to combat the West Africa Ebola outbreak in 2015 and has been repurposed to help countries fend off COVID-19.
The fund currently has $500 million, with Japan, Britain, China and the Netherlands among its main contributors.
"I urge other donors to help us replenish the trust's resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries," Georgieva said.
Last week, the World Bank said it would roll out $160 billion in emergency aid over 15 months to help countries stricken by the virus, including $14 billion in debt repayments from 76 poor countries to other governments. 
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Posted by trailing wife 2020-04-15 01:14||
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Posted by magpie 2020-04-15 17:13||
2020-04-15 17:13||
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