The United States is leading international efforts to help low-income countries focus resources on recovering from the Covid-19 pandemic.
Countries around the world have faced rising health costs and declining revenues in 2020.
In this way, the United States, in partnership with the World Bank and the International Monetary Fund, has led other major economies in a global initiative aimed at allowing 73 eligible developing countries to suspend over $5 billion in debt payments and, instead of paying off the debts, focus resources on responding to the Covid-19 pandemic and recovering from it.
The DSSI has already delivered $5 billion in emergency aid to 46 countries.
U.S. partnerships like this one with international financial institutions support the far-reaching efforts of the United States to stabilize and revive the global economy after the Covid-19 pandemic.
The United States is the largest global donor to multilateral institutions such as the World Bank, the IMF, and the United Nations. These organizations, in turn, are helping developing nations deal with the economic consequences of the pandemic.
Both the DSSI and the IMF’s emergency aid programs have worked with beneficiaries to implement financial transparency measures to reduce the risks of corruption and unsustainable debt.
The Global Economic Activity and Recovery strategy of the State Department aims to stimulate post-pandemic economic recovery through steps that include restoring confidence in international trade, as well as in travel and transportation.
Source: www.share.america.gov