G20 exploring structural approaches to boost funding for developing countries

This handout picture released by G20 Saudi Arabia on September 22, 2020, shows a general view of the virtual G20 Joint Extraordinary Meeting of Trade and Investment Ministers in the capital Riyadh. (AFP/G20 Saudi Arabia/File Photo)
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Updated 25 September 2020

G20 exploring structural approaches to boost funding for developing countries

  • Saudi G20 secretariat said 46 countries had applied for relief under the Debt Service Suspension Initiative

RIYADH: The Group of 20 major economies on Friday said they are looking at structural approaches to secure longer-term financing for developing countries, including development of domestic capital markets and work to catalyze private sector investment.

In a statement, the Saudi G20 secretariat said 46 countries had applied for relief under the Debt Service Suspension Initiative (DSSI) approved by G20 members in April that offers a freeze in official bilateral debt payments to free up funds for countries to spend on fighting the pandemic.

“All major official bilateral creditors remain committed to suspending due debt service payments to the most vulnerable countries in these challenging times,” said Bandr Alhomaly, a senior official with the Saudi G20 presidency.


Saudi King praises role of women at W20 summit

Updated 22 October 2020

Saudi King praises role of women at W20 summit

RIYADH: Saudi Arabia’s King Salman has praised the exceptional role played by women during the coronavirus pandemic.
In a speech delivered at the end of the W20, the G20 women’s engagement group, on Wednesday, King Salman said: “I would like to express my gratitude to the Women 20 Engagement Group for their remarkable efforts and commitment to deliver their agenda during these unprecedented times caused by the COVID -19 pandemic.”
The Saudi king described women as the source of evolution for any society and said that without empowered women it is difficult to reform societies. 
“Women are the main source of development for any society. Hence, without empowered women, it is almost impossible to implement any societal reforms given that women form half of the societies and they are the ones who raise up generations. Women has proven through history their remarkable role in leading change and in decision making.”
The king noted that Saudi Arabia’s presidency of the G20 has dedicated special attention to discussing policies related to women across different ministerial and working group meetings.