“It will allow all nations to overcome this painful period”: AMLO proposed at the G20 to eliminate debt to poorer countries

The President of Mexico, Andrés Manuel López Obrador, proposed this Sunday at the G20 Summit to eliminate the amount of debt to poorer countries, in addition to ensuring that middle-income countries can have access to loans with interest rates equivalent to the that are in force in developed countries.

López Obrador referred to the indebtedness that countries have had since the health emergency due to the Covid-19 pandemic, which, he said, grew an average of 20%; and he considered the future threat to economic stability and social welfare, if it is not addressed from now on.

“The debt grew from the pandemic by an average of 20%, and if we do not address this issue now, in the future it will become another threat to economic stability and social well-being ”, express.

(Photo: Courtesy of the Presidency)

Therefore, the Mexican president proposed the following to the group of 20:

“Essentially our proposal consists of the following:

One: to fulfill the commitment to remove the amounts of debt and the payment of debt service, to poor nations of the world.

Two: guarantee that middle-income countries can have access to loans with interest rates equivalent to those in force in developed countries, ”said President López Obrador.

The Mexican president assured that through cooperation and mutual aid, this painful period can be overcome.

(Photo: Courtesy of the Presidency)

(Photo: Courtesy of the Presidency)

“I am sure that cooperation and mutual help, will allow all nations to overcome this painful period, I hope that we will be able to leave in history an example of how to deal with a global health threat, and a serious economic crisis through the application of the principle of universal brotherhood“, he pointed.

With these words, President López Obrador concluded his participation in the fifteenth G20 Leaders’ Summit, after considering Mexico’s proposal to overcome the economic crisis that the world is suffering from the pandemic.

After stating that our country did not resort to new loans thanks to austerity and anti-corruption measures, He explained that now the resources are delivered directly, starting with the poorest people: pensions for the elderly and people with disabilities, scholarships for students, support for farmers and fishermen, as well as loans for small companies and family businesses.

“Facing the economic crisis has been less painful and complex than fighting the COVID-19 pandemic. It was helpful for us to abandon economic recipes applied during the neoliberal period, starting with discarding the strategy of indebting the people to rescue those above. Now it was different. “

(Photo: Courtesy of the Presidency)

(Photo: Courtesy of the Presidency)

Added to this is the record figure of 40 billion dollars that will enter Mexico this year in remittances.

He noted that, thanks to the above, department stores report an eight percent increase in their sales and have already recovered. 500 thousand jobs out of the million that were lost due to the pandemic, in addition to the fact that the Mexican peso has not suffered depreciation and tax collection only decreased two percent compared to last year.

From the National Palace, López Obrador was accompanied by the Secretaries of Foreign Relations, Marcelo Ebrard Casaubon; Health, Jorge Alcocer Varela; Economy, Graciela Márquez Colín; Finance and Public Credit, Arturo Herrera Gutiérrez; as well as by the undersecretaries of Prevention and Health Promotion, Hugo López-Gatell Ramírez; and of the Treasury, Gabriel Yorio González.

At the invitation of the Saudi presidency, President López Obrador was one of the main speakers.

(Photo: Courtesy of the Presidency)

(Photo: Courtesy of the Presidency)

At the end of the Leaders Summit, a Joint Declaration was adopted.

By Mexican initiative, the G20 agreed to keep the migration issue on its agenda and move forward in reducing the costs of sending remittances.

During the G20 work throughout the year, Mexico urged that we continue to act and collaborate to address the health situation and support the most vulnerable, as well as to generate recovery focused on fighting poverty, reducing inequalities and access to more opportunities for all people.

The G20 brings together developed and emerging economies to facilitate public policy coordination and promote economic growth and stability. It has met at the level of leaders since 2008, with the presence also of invited countries and international organizations. The rotating presidency is held this year by Saudi Arabia.

The G20 addresses both economic and financial issues, as well as other major global challenges.

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