The 1st Finance and Central Bank Deputies Meeting (FCBD) of #G20Indonesia took place in Bali on December 9-10, 2021

For two days, 185 participants from 15 countries and 8 organizations convened in hybrid to discuss the 6 priority agendas of #G20Indonesia finance track in 6 sessions.

In Session 1, the delegates discussed the importance of vaccine distribution coordination and communication in the policy normalization.

The discussion in session 2 centered on the G20 roles to maintain global financial stability in the midst of uncertainty and to support vulnerable countries.

Session 3 was focused on measures to strengthen the financial sector stability and in session 4, the delegates voiced a support for the transition to green economy.

The participants discussed infrastructure issues in session 5 and agreed on the implementation of the Two Pillars of international taxation in session 6.

The results of the 1st FCBD meeting will be brought along the #G20Indonesia presidency until it finally reached a joint agreement at the G20 Summit.

INDONESIAN G20 PRESIDENCY WELCOMES THE STATEMENT OF THE CREDITOR COMMITTEE FOR CHAD

Jakarta, January 7, 2022 – On 22 December, the creditor committee (CC) for Chad met virtually, with IMF staff and World Bank staff also in attendance. The CC formed by China, France, India and Saudi Arabia committed to negotiate with the Republic of Chad under the Common Framework for Debt Treatment beyond the DSSI, which has been endorsed by the G20 and the Paris Club.

As G20 Presidency, Indonesia welcomes the commitment made by the members of the committee as a further substantial step towards the timely implementation of the Common Framework, and takes note of their joint statement.

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January 7, 2022

STATEMENT

MEETING OF THE CREDITOR COMMITTEE FOR CHAD UNDER THE COMMON FRAMEWORK FOR DEBT TREATMENTS BEYOND THE DSSI

The creditor committee for Chad formed by China, France, India and Saudi Arabia and co-chaired by France and Saudi Arabia (hereinafter “the creditor committee”) met virtually on December 22, 2021, in presence of the IMF staff and the World Bank staff.

The creditor committee welcomed the approval of the IMF upper credit tranche (UCT) program by the Executive Board on December 10, 2021, for which the June statement of the creditor committee was critical. The approval of the program for Chad by the IMF Executive Board addresses Chad’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to provide quick financial support to Chad to meet its long-term financial needs.

As stated previously, creditor committee members are committed to negotiate with the Republic of Chad terms of a restructuring of their claims, consistent with their national laws and internal procedures, in a timely, orderly and coordinated manner.

The creditor committee reiterated that the Chadian authorities are expected to seek from all private and other official bilateral creditors debt treatments on terms at least as favorable as those being considered by the creditor committee, in line with the comparability of treatment principle. Consequently, creditor committee members stressed the importance for all private and other official bilateral creditors to negotiate in good faith in order to conclude such debt treatments with Chad as soon as possible and noted the commitment of Chad’s main private creditor to engage in good faith discussions for restructuring its claims. The creditor committee remains ready to have an engagement with private creditors, prior to the signature of the MoU with Chad.  

Background notes 

1. The creditor committee for Chad was formed on April 15, 2021, in application of “Common
Framework for Debt Treatments beyond the DSSI” endorsed by the G20 and the Paris Club in November 2020.

2. The members of the creditor committee for Chad are representatives of the governments of China, France, India and Saudi Arabia. France and Saudi Arabia co-chair the creditor committee.

Observers at the meeting were representatives of the International Monetary Fund and the World Bank Group.