Former central banks heads and finance ministers call for debt relief for a green and inclusive recovery

The statement calls on the G20 to enact a Debt Relief for a Green and Inclusive Recovery Initiative that requires bilateral, multilateral,and private sector debt relief on a grand scale, analogous to the Highly Indebted Poor Countries Initiative. It also supports creating a substantial new allocation of the International Monetary Fund’s Special Drawing Rights, accompanied by a significant increase in multilateral and regional development bank financing. The statement encourages the Italian G20 presidency to initiate an emergency summit to this end.