PM Holness Calls For Extension Of Debt Service Suspension Initiative
(Jamaica Information Service Press Release) Prime Minister, the Most Hon. Andrew Holness, is calling for an extension of the Debt Service Suspension Initiative (DSSI) of the Group of 20 (G-20), to further aid in the economic recovery of developing countries from the coronavirus (COVID-19) pandemic.
Mr. Holness noted that while he appreciates that the initiative has been extended until June 2021, he is suggesting a further extension to next year, highlighting the fact that debt servicing for developing countries “has come at tremendous socio-economic costs to our population, which have borne the burden of steep cuts in public expenditures”.
The Prime Minister, who was addressing a virtual High-Level Meeting with Heads of State and Government on the International Debt Architecture and Liquidity, on Monday (March 29), stressed that consideration should also be given to the G-20 expanding its beneficiaries, to include highly indebted middle-income countries.
The G-20 is an international group of Finance Ministers and Central Bank Governors from 19 of the world’s largest economies, including those of developing nations, along with the European Union. Formed in 1999, the G-20 has the mandate to promote global economic growth, international trade, and regulation of financial markets.
Mr. Holness noted, as well, that private creditors represent an increasingly large share of the overall creditor composition of developing countries and should be actively pursued and engaged to participate in the DSSI on equal terms.
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