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15 April 2020

Bruno Le Maire welcomes the G20 Finance Ministers’ decisions

The Minister of Economy and Finance applauds the G20’s adoption of a coordinated global economic response and ambitious action plan, commensurate with the gravity of the economic fallout from Covid-19, to support the most vulnerable countries.

To support the poorest and developing countries in light of the pressing economic and health challenges they face, France worked in the context of the G20 as chair of the Paris Club, with the international financial institutions, to unlock exceptional resources.

France congratulates the IMF, World Bank and multilateral development banks for their swift mobilisation in the crisis:
  • Doubling the access limits to the IMF’s emergency facilities, with France’s backing, will enhance deployment of access to emergency financing for countries requesting such assistance.
  • The IMF stands ready to leverage its $1 trillion lending capacity via its different instruments to help struggling countries.
  • The World Bank and regional development banks have unlocked more than $200 billion to support these countries, their health service and their businesses.
France urged the international financial institutions to go even further in their response, by setting up new tools. The G20 Finance Ministers have reached a key decision today by encouraging the IMF to introduce short-term liquidity lines to support countries grappling with temporary liquidity problems.

France commends the agreement on debt relief for the poorest countries, which is a historic breakthrough: for the first time, the creditors of the Paris Club and emerging creditors have jointly endorsed the suspension of debt service payments for the poorest countries. This decision frees up $14 billion on the part of public bilateral creditors, giving these countries more resources to swiftly tackle the crisis.

France remains committed to pressing on with the talks so that these crucial milestones are implemented as quickly as possible to avert a humanitarian disaster. It will continue to support the adoption of measures, commensurate with the unprecedented scale of this crisis, in support of the most vulnerable nations.

G20 Finance Ministers and Central Bank Governors Virtual Meeting press release