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The G-20’s missed opportunity Apr 13,2021 - Last updated at Apr 13,2021 By Shamshad Akhtar, Ulrich Volz, Moritz Kraemer and Stephany Griffith-Jones   ISLAMABAD This month, G-20 finance ministers agreed to a proposal to issue $650 billion worth of the International Monetary Fund’s (IMF) reserve asset, special drawing rights, and an additional six-month moratorium on debt payments for up to 73 developing countries. But while the agreement represents a step in the right direction, the G-20 missed the opportunity to address the looming debt crisis in the Global South head on. Past debt crises ought to have taught us that doing too little, too late will delay recoveries and drive up the cost of debt restructuring for debtors and creditors alike. The world is still at high risk of repeating the mistakes that resulted in two lost decades of development in the 1980s and 1990s.

France generalSp stephany griffith jonesShamshad akhtarUlrich volzStephany griffith jonesMoritz kraemerAgenda for sustainable developmentUniversity of sussexInternational monetary fundInitiative for policy dialogue at columbia universityWorld bankDebt service suspension initiativeFund for greenInstitute of developmentGerman development institute moritz kraemerCentre for sustainable