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G-20 Pivots as Emergency Aid Focus Turns to Developing World

  • Le Maire says SDRs should be increased by $500 billion
  • Says crisis may be ‘extremely violent’ in developing nations
US-POLITICS-IMF

Photographer: Brendan Smialowski/AFP via Getty Images

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Economy chiefs from the Group of 20 nations, which accounts for about 90% of global economic output, are switching focus to the need to assist developing nations trying to cope with the impact of the coronavirus pandemic.

At a virtual meeting on Tuesday, G-20 finance ministers and central bankers said they’d look to address debt vulnerabilities in developing nations to allow them to focus their efforts on fighting the outbreak, according to a statement. They also committed to working with other organizations to “swiftly deliver the appropriate international financial assistance” to lower-income countries.