Foreign Minister Abdullah Shahid says the Maldives welcomes the statement by the G20 Finance Ministers and Central Bank Governors’ meeting to endorse the “Common Framework for Debt Treatments beyond DSSI (Debt Service Suspension Initiative).

In a tweet, he said that the Maldives strongly advocated the importance of such a relief for vulnerable states like the country.

He said that the Framework will help towards key economic responses as the Maldives embarks on National Resilience and Recovery.4

This comes after Finance ministers and central bank governors from the G20 met on Friday under the Saudi presidency to discuss debt relief to vulnerable countries struggling to cope with the impact of the virus that has already claimed almost 1.3 million lives worldwide.

They agreed that extra measures beyond a package of assistance announced earlier in the year may now be required “on a case by case basis.”

The Debt Service Suspension Initiative (DSSI) was originally announced in April during the early days of the pandemic in Europe.

It offered a temporary suspension of "official sector" or government-to-government debt payments to 73 countries but drew criticism from some campaigners who claimed it did not go far enough in alleviating the financial burden of the pandemic on poorer nations.