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Showing posts with label G20. Show all posts

COVID-19: G20 vows to spur recovery in virus-hit tourism sector

COVID-19: G20 vows to spur recovery in virus-hit tourism sector

Riyadh (AFP) - G20 nations pledged Friday to cushion the economic blow of the coronavirus pandemic on global tourism, one of the hardest-hit industries in which millions risk losing their jobs.

COVID-19 lockdowns have pounded international tourism, which is estimated to see a 45 percent decline this year according to the Organization for Economic Co-operation and Development (OECD).

G20 tourism ministers pledged to ensure coordination as their countries ease lockdowns and travel restrictions, and to support the struggling industry's recovery.

"We commit to helping tourism sector businesses... entrepreneurs and workers to adapt and thrive in a new post-crisis era," the ministers said in a joint statement after a virtual meeting hosted by the group's current president Saudi Arabia.

Up to 75 million jobs are at risk in the labour-intensive sector, they said, citing the World Travel and Tourism Council.

The tourism minister of Saudi Arabia, which last year issued its first tourist visas to boost the nascent sector, voiced hope the pandemic's impact would be "short-term".

"The sites are still there, hotels are still there, restaurants are still there, waiting for visitors to come back," Ahmed al-Khatib told AFP.

Saudi tourism faces a sharp downturn just months after launching the new visas in September, vaunting ambitions to welcome 100 million visitors by 2030.

The kingdom has spent billions in an attempt to build a tourism industry from scratch, one of the main planks of Crown Prince Mohammed bin Salman's drive to wean the economy off its decades-long dependence on oil revenues.

Saudi Arabia has splurged more than 500 million riyals ($133 million) to quarantine thousands of overseas travellers and those exposed to the virus in otherwise empty hotels around the kingdom, Khatib said.

The government is renting "complete hotels" for three or four months, Khatib added, offering a temporary lifeline to the struggling sector.

AFP
Riyadh (AFP) - G20 nations pledged Friday to cushion the economic blow of the coronavirus pandemic on global tourism, one of the hardest-hit industries in which millions risk losing their jobs.

COVID-19 lockdowns have pounded international tourism, which is estimated to see a 45 percent decline this year according to the Organization for Economic Co-operation and Development (OECD).

G20 tourism ministers pledged to ensure coordination as their countries ease lockdowns and travel restrictions, and to support the struggling industry's recovery.

"We commit to helping tourism sector businesses... entrepreneurs and workers to adapt and thrive in a new post-crisis era," the ministers said in a joint statement after a virtual meeting hosted by the group's current president Saudi Arabia.

Up to 75 million jobs are at risk in the labour-intensive sector, they said, citing the World Travel and Tourism Council.

The tourism minister of Saudi Arabia, which last year issued its first tourist visas to boost the nascent sector, voiced hope the pandemic's impact would be "short-term".

"The sites are still there, hotels are still there, restaurants are still there, waiting for visitors to come back," Ahmed al-Khatib told AFP.

Saudi tourism faces a sharp downturn just months after launching the new visas in September, vaunting ambitions to welcome 100 million visitors by 2030.

The kingdom has spent billions in an attempt to build a tourism industry from scratch, one of the main planks of Crown Prince Mohammed bin Salman's drive to wean the economy off its decades-long dependence on oil revenues.

Saudi Arabia has splurged more than 500 million riyals ($133 million) to quarantine thousands of overseas travellers and those exposed to the virus in otherwise empty hotels around the kingdom, Khatib said.

The government is renting "complete hotels" for three or four months, Khatib added, offering a temporary lifeline to the struggling sector.

AFP

COVID-19: China, G-20 agreed to give debt relief to Nigeria, other poorest countries in the world

COVID-19: China, G-20 agreed to give debt relief to Nigeria, other poorest countries in the world

 Mohammed al-Jadaan, finance minister of Saudi Arabia
China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank.

This is according to comments made by David Malpass, the World Bank president, on Friday at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund.

“I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA countries if they ask for forbearance.

“IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences.”

IDA countries are those with per capita income below an established threshold. The 2020 threshold is $1,175.

Countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as ‘blend’ countries.

The G20 nations also called on private creditors “to participate in the initiative on comparable terms” and asked multilateral development banks, such as the IMF and World Bank, “to further explore the options for the suspension of debt service payments over the suspension period”. “We support a time-bound suspension of debt service payments for the poorest countries that request forbearance,” the G20 said in a statement after finance ministers held an online meeting on Wednesday.

“We agreed on a co-ordinated approach with a common term sheet providing the key features for this debt service suspension initiative.”

 Mohammed al-Jadaan, finance minister of Saudi Arabia — which is currently chairing the G20 — said the debt assistance involved could be worth “north of $20bn”.

He added that any assistance from private sector creditors would be on a voluntary basis, but said: “We encourage them to consider it in support of these countries and the people of these countries.” “Considering the speed, the spread and the severity of Covid-19 . . . this requires a very strong, bold and significant action by the G20 and by the world,” Mr Jadaan said.


 Mohammed al-Jadaan, finance minister of Saudi Arabia
China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank.

This is according to comments made by David Malpass, the World Bank president, on Friday at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund.

“I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA countries if they ask for forbearance.

“IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences.”

IDA countries are those with per capita income below an established threshold. The 2020 threshold is $1,175.

Countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as ‘blend’ countries.

The G20 nations also called on private creditors “to participate in the initiative on comparable terms” and asked multilateral development banks, such as the IMF and World Bank, “to further explore the options for the suspension of debt service payments over the suspension period”. “We support a time-bound suspension of debt service payments for the poorest countries that request forbearance,” the G20 said in a statement after finance ministers held an online meeting on Wednesday.

“We agreed on a co-ordinated approach with a common term sheet providing the key features for this debt service suspension initiative.”

 Mohammed al-Jadaan, finance minister of Saudi Arabia — which is currently chairing the G20 — said the debt assistance involved could be worth “north of $20bn”.

He added that any assistance from private sector creditors would be on a voluntary basis, but said: “We encourage them to consider it in support of these countries and the people of these countries.” “Considering the speed, the spread and the severity of Covid-19 . . . this requires a very strong, bold and significant action by the G20 and by the world,” Mr Jadaan said.


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