Oxfam is urging G20 finance ministers to make the Debt Service Suspension Initiative legally binding to cancel all debt payments for eligible low-income countries through the end of 2022 [File: Esther Ruth Mbabazi/Bloomberg]
Al Jazeera: Before G20 meeting, Oxfam urges action to avert debt catastrophe
Looming debt defaults by poor nations could roil the global economy and derail recovery efforts, Oxfam warns.
The world's poorest countries are on the brink of an unprecedented debt crisis with the likelihood of multibillion-dollar defaults that will cripple the global economy, Oxfam International warned on Wednesday, as it implored Group of 20 (G20) finance ministers to do more to avert an impending catastrophe for hundreds of millions of people.
Oxfam said action from the G20 - the world's wealthiest nations, whose finance ministers are set to meet this weekend - to stem the coronavirus economic calamity falls far short from what is needed.
Read more ....
WNU Editor: Oxfam has been pushing for a debt moratorium/cancellation for a long time. It is not going to happen.
