• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us

For all official information and updates regarding COVID-19, visit the South African Department of Health's website at www.sacoronavirus.co.za

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Business

G20 to discuss post-pandemic world, back debt relief

21 November 2020, 4:48 AM  |
Reuters Reuters |  @SABCNews
High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves.

High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves.

Image: Reuters

High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves.

Leaders of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented COVID-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control.

High on the agenda are purchases and global distribution of vaccines, drugs and tests for low income countries that cannot afford such expenses themselves.

The European Union will urge the G20 on Saturday to invest $4.5 billion to help.

“The main theme will be to step up global cooperation to address the pandemic,” said a senior G20 official taking part in the preparations for the two-day summit, chaired by Saudi Arabia and held virtually because of the pandemic.

To prepare for the future, the EU will propose a treaty on pandemics.

“An international treaty would help us respond more quickly and in a more coordinated manner,” the chairman of EU leaders Charles Michel will tell the G20 on Sunday.

While the global economy is recovering from the depths of the crisis earlier this year, momentum is slowing in countries with resurging infection rates, the recovery is uneven and the pandemic is likely to leave deep scars, the International Monetary Fund said in a report for the G20 summit.

Especially vulnerable are poor and highly indebted countries in the developing world, which are “on the precipice of financial ruin and escalating poverty, hunger and untold suffering”, United Nations Secretary-General Antonio Guterres said on Friday.

To address this, the G20 will endorse a plan to extend a debt servicing moratorium for developing countries by six months to mid-2021, with a possibility of a further extension, said a draft G20 communique seen by Reuters.

European members of the G20 are likely to push for more.

“More debt relief is needed,” Michel told reporters on Friday.

Debt relief for Africa will be a main theme of the Italian presidency of the G20 in 2021.

European nations in the G20 will also seek fresh impetus to the stalled reform of the World Trade Organisation (WTO), hoping to capitalise on the upcoming change of US administration. Outgoing President Donald Trump favoured bilateral trade deals over working through international bodies.

The change of US leadership also raises hopes of a more concerted effort at G20 level to fight climate change.

Following the example of the European Union, already half of the G20 members, including Japan, China, South Korea and South Africa, plan to become climate- or at least carbon-neutral by 2050 or soon after.

Under Trump, the United States pulled out of the Paris Agreement on fighting climate change, but the decision is likely to be reversed by President-elect Joe Biden.

“We expect, of course, new momentum from the new US administration on this issue, thanks to the President-elect’s declaration that the US would join the Paris Agreement once again,” European Commission President Ursula von der Leyen said.

To help finance the fight again climate change the EU will push for the G20 to agree common global standards on what constitutes “green” investment.

This would help attract the massive private investment needed because many investment funds are keen to invest in environmentally sustainable projects, but there is no agreed way of selecting them. The EU is already working on such standards with the aim to have them in place by 2022.

Share article
Previous Post

Mainland China reports 16 new COVID-19 cases vs 17 a day earlier

Next Post

Wisconsin governor renews mask mandate despite court challenge as pandemic worsens

Related Posts

File image: A man walks past electricity pylons in Soweto, South Africa.

Employees at Eskom powers stations in Mpumalanga continue with their strike

27 June 2022, 10:51 PM
Power lines connect in a station.

Eskom’s rolling blackouts may worsen at short notice: Eskom

27 June 2022, 7:17 PM
The Liquor Traders Association says businesses are putting their financial interests ahead of the lives of children

Liquor traders urged not to chase profit over safety of their customers: NLTA

27 June 2022, 12:21 PM
A Ryanair plane prepares to take off from Lisbon Humberto Delgado Airport on the first of three days cabin crew strike in Lisbon, Portugal, June 24, 2022.

Ryanair says less than 2% of flights affected by strike

27 June 2022, 2:07 AM
[File Image] South African bank notes.

Rand strengthens as dollar slides, stocks jump

25 June 2022, 4:46 AM
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015.

JPMorgan to cover US staff travel costs for out-of-state abortions: Memo

24 June 2022, 9:25 PM
Next Post
Although medical experts insist that masks are one of the most effective means for breaking the transmission cycle of the highly contagious respiratory virus, mask-wearing has become deeply politicised.

Wisconsin governor renews mask mandate despite court challenge as pandemic worsens

Most Viewed

  • 24hrs
  • Week
  • Month
  • EMS says fire at Bree Street Taxi Rank in Johannesburg has been extinguished
  • The public has until 18 May to make submissions on Icasa’s regulations for extension of expiry period for data, airtime
  • ANC NEC expected to hold a special meeting on Sunday
  • Eastern Cape flood victims plead for support as access to food, services remains difficult
  • Amathole Regional Secretary elated to have corruption charges against him dropped
  • East London police search for clues that led to tavern death; calls to revoke tavern’s licence 
  • UPDATE: At least 17 people killed in an East London tavern stampede
  • South Africans no longer required to wear face masks indoors
  • E Cape Liquor Board says Enyobeni tavern owner will face criminal charges
  • Zulu Royal Palace abuzz as King Misuzulu’s cleansing ceremony continues
  • East London police search for clues that led to tavern death; calls to revoke tavern’s licence 
  • UPDATE: At least 17 people killed in an East London tavern stampede
  • Mosimane alleges sabotage from CAF President Patrice Motsepe
  • SANTACO and NTA calls on COSATU to join the national shutdown over the hiking fuel prices
  • NTA yet to decide whether to support calls for national shutdown amid fuel price hikes

LATEST

Models present creations by designer Hedi Slimane as part of his Spring/Summer 2023 Menswear collection show for fashion house Celine during Men's Fashion Week in Paris, France June 26, 2022.
  • Lifestyle

Celine closes Paris Fashion Week with bare-chested models and dazzling blazers


Sudan's Sovereign Council Chief General Abdel Fattah al-Burhan addresses delegates after signing a declaration of principles between Sudanese Transitional government and the Sudan People's Liberation Movement - North, in Juba, South Sudan March 28, 2021.
  • Africa

Ethiopia denies Sudan’s accusation it executed Sudanese soldiers, civilian


File image: A man walks past electricity pylons in Soweto, South Africa.
  • Business

Employees at Eskom powers stations in Mpumalanga continue with their strike


Judge’s gavel and collection of legal books.
  • South Africa

Limpopo court postpones sentencing in Thoriso Themane murder case


A test tube labelled with the vaccine is seen in front of AstraZeneca logo in this illustration taken, September 9, 2020.
  • Sci-tech

AstraZeneca gets EU backing for targeted breast cancer therapies


Newly-elected Gauteng African National congress Chairperson Panyaza Lesufi.
  • Politics

Phala Phala farm saga a major setback for the ruling party: Lesufi


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2022

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous Mainland China reports 16 new COVID-19 cases vs 17 a day earlier
Next Wisconsin governor renews mask mandate despite court challenge as pandemic worsens