U.S. Urges China, Private Sector To Boost Participation In G20 Debt Response

• The United States on Tuesday urged China and the private sector to increase their participation in a G20 debt moratorium for low-income countries hammered by the COVID-19 pandemic, and a common framework for restructuring their debts. 
• A senior U.S. Treasury official said Washington was open to expanding the common framework for debt treatment agreed by the G20 and the Paris Club beyond just low-income countries to include small island states, fragile states and even some lower middle-income countries with high debt burdens. 
• G20 finance officials will review progress on the debt issue when they meet in Venice on July 9-10, amid growing alarm about a looming debt crisis. 
• The head of the International Monetary Fund, Kristalina Georgieva, has warned repeatedly about a "dangerous divergence" in the pandemic response and economic prospects that could leave developing countries lagging far behind for years. 
• The official said Washington would urge G20 countries to continue providing fiscal stimulus to aid the global recovery, and make transformative investments to address climate change and income equality.

(Source: Reuters)