Commonwealth finance ministers, including those from the Caribbean, made an appeal recently for the G20, Paris Club, World Bank, and International Monetary Fund to extend financial support to vulnerable nations.
This call comes against the deep and widespread economic impact of the COVID-19 pandemic that is creating havoc on developing and underdeveloped countries.
In a joint statement, the 54 member countries of the Commonwealth said they were also calling for action to support more vulnerable nations on improved access to financing and debt sustainability.
The finance ministers said the economic impact of the pandemic has seen countries around the world implement much needed fiscal stimulus packages to address the emerging health and economic crises.
As a result, it is expected that Commonwealth nations’ debt levels will rise significantly.
Carol May Readers Bureau, Contributor
Edited by Jesus Chan
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