G20 set to discuss uneven recovery from COVID-19 crisis: Officials
April 6, 2021, 9:10 am

G20 set to discuss uneven recovery from COVID-19 crisis: Officials

Screens during a video conference on the COVID-19 pandemic between European Council President Charles Michel (L), European Parliament President David Sassoli (R) and European Council leaders, in Brussels, on February 25, 2021. (File photo: AFP)

The world’s financial leaders will discuss on Wednesday how to coordinate policies to prevent their virus-battered economies emerging from recession at highly different speeds, officials said ahead of the virtual meeting.

When finance ministers and central bank governors of the world’s top 20 economies hold their video-conference the patchy response to the ongoing COVID-19 crisis will be high on their agenda, officials from the Italian presidency said.

Italy, which chairs the G20 this year, held a briefing ahead of Wednesday’s meeting and officials said the group would reaffirm the need not to ease stimulus measures too soon and discuss how to help debt-laden poor countries.

In contrast to the first meeting of Italy’s presidency in February, this one will be followed by an official communique.

“The first signals are uneven, some economies are picking up well and others are being left behind, this is something that is clouding the global economic outlook,” said one official.

COVID inoculation rates vary widely, with Britain and the United States far outstripping most European Union, Asian and especially African countries.

“At the moment the main instrument of economic policy is vaccinations,” the official said, noting that the United States is also adopting massive fiscal stimulus, which analysts expect will lead to a faster recovery.

“We’re aware that it’s not possible for some countries to get out of this crisis and others not to ... so the G20 is the best venue to discuss these aspects and find solutions,” he added.

The G20 will maintain a commitment to reach a deal on minimum corporate taxation levels and taxation of internet giants by mid-year, and will also focus on debt relief for poor countries, the officials said.

For these nations, one option under consideration is to extend a suspension of debt servicing costs that is currently in place until June.

However, there are no proposals at the G20 level to broaden the policy framework for debt restructuring with any new initiatives to forgive debt for countries struggling to pay, the officials said.

source: Reuters

Image source: AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”