Indonesia's Efforts to Bridge Debt Restructuring Gap
Restructuring the debt of poor and developing countries is an important G20 Summit agenda item. Indonesia seeks to bridge the gap between debtors and creditors that come in the form of multilateral banks and countries.
Indonesia's mission in serving as the president of G20 in 2022 is to bridge the gap between rich and developing countries. An important problem for developing countries is debt entanglement. These countries find themselves unable to pay installments to state or multilateral lending institutions.
The impact of the COVID-19 pandemic in 2020 has led to the stagnation of various economic activities. The wheels of development have stopped turning. Moreover, there is also a gap in access to vaccines. A number of developing and poor countries have not been able to meet minimum quotas for mass vaccinations on account of them either not receiving a sufficient amount of vaccines or not having the proper vaccination facilities and infrastructure. As a result, their economies are getting eroded.