Russia proposes efforts aimed at debt relief for least developed countries

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Economy

13.04.2021, 11:06

Moscow suggests extending the Debt Service Suspension Initiative for the least developed countries amid the crisis triggered by the COVID-19 pandemic, Russian Deputy Foreign Minister Alexander Pankin said during the United Nations Economic and Social Council (ECOSOC) Forum on Financing for Development follow-up session, Russian news agency TASS reported.

Russia proposes efforts aimed at debt relief for least developed countries

YEREVAN, April 13. /ARKA/. Moscow suggests extending the Debt Service Suspension Initiative for the least developed countries amid the crisis triggered by the COVID-19 pandemic, Russian Deputy Foreign Minister Alexander Pankin said during the United Nations Economic and Social Council (ECOSOC) Forum on Financing for Development follow-up session, Russian news agency TASS reported.

"It is clear that least developed countries and low-income countries have been hit hardest by the novel coronavirus pandemic. At the same time, many of them have been experiencing impediments in access to external financing, which again demonstrates the deficiencies of the current model of the international financial system and global financial governance," Pankin said.

In this regard, the diplomat said "it is important to continue our collective efforts aimed at debt relief for such states." "We are ready to consider further extension of the Debt Service Suspension Initiative (DSSI), which over 40 developing countries have already taken advantage of," he noted. -0-

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