UN to discuss with world leaders support for developing states hit hard by pandemic

UN officials said that, on Thursday, they and more than a dozen world leaders will discuss shoring up financial support for emerging economies hit hard by the pandemic’s economic fallout. The online meeting comes amid surging coronavirus infections in developing countries, and warnings it will cost more than the initially forecast $2.5 trillion if they are to weather the crisis, Reuters said.

The meeting was convened by Canada, Jamaica, and United Nations chief Antonio Guterres. UN Deputy Secretary-General Amina Mohammed said many developing countries, including middle-income nations, lacked sufficient funds to fight the pandemic and invest in their recovery.

An offer by the Group of 20 major economies and Paris Club creditors to suspend payments on official bilateral debt for the poorest countries through the end of 2020 was a critical start, but further efforts would be needed, Mohammed said.

Thursday’s meeting will include participants from the International Monetary Fund, World Bank, African Union, Institute of International Finance and the Organization for Economic Co-operation and Development. The goal is to deliver concrete proposals in eight weeks.