What the World in Summery Said about The Noval COVID-19 vs Financial Support

World leaders call for $200bn in aid to help poor countries fight pandemic Jonathan Wheatley in London A group of world leaders led by Gordon Brown, the former UK prime minister, has called on advanced economies to approve immediately a package of almost $200bn to help the world’s poorest countries fight the coronavirus crisis. In a letter to the G20 group of the world’s richest advanced and developing countries, the group of 165 past and former leaders called for a commitment “within days” to deliver $8bn for vaccines and other treatments; $35bn for ventilators, test kits, personal protection and other equipment; and a further $150bn to support health systems and economies and prevent a second wave of Covid-19. “Much has been done by national governments to counter the downward slide of their economies,” the letter reads. “But a global economic problem requires a global economic response. Our aim should be to prevent a liquidity crisis turning into a solvency crisis, and a global recession becoming a global depression.” The call follows an appeal by the IMF and the World Bank for a suspension of debt repayments on country-to-country loans by G20 members to poor countries, which would relieve them of an estimated $14bn in debt service this year. The G20 has yet to respond to the appeal, made on March 25, but has promised to do so at its next virtual meeting of finance ministers and central bank governors on April 15.

Source: Financial Times. Visit link for more information:https://www.ft.com/content/980db7b3-d18b-32bb-8ee2-d7600e74684b