G20 exploring structural approaches to boost funding for developing countries

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.

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“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.

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