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G7 Finance Ministers' Statement on the Debt Service Suspension Initiative and Debt Relief for Vulnerable Countries

G7 Finance Ministers' Statement on the Debt Service Suspension Initiative and Debt Relief for Vulnerable Countries
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G7 Foreign and Development Ministers' Meeting Communiqué (London, 5 May 2021)

G7 Foreign and Development Ministers’ Meeting Communiqué (London, 5 May 2021)
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I. Preamble
1. We, the Foreign and Development Ministers of the Group of Seven (G7), and the High Representative of the European Union, are meeting today at a critical juncture for our people, our planet, our security and our future prosperity. Democracy is under pressure globally; the pandemic continues to pose acute global challenges; new technological threats are mounting; and the catastrophic effects of climate change are increasing. We commit to strengthening open societies, shared values, and the rules-based international order. We affirm that free and fair trade, and the free and secure flow of capital, data, knowledge, ideas and talent is essential to our long-term prosperity. We affirm that liberal democracy and free and fair markets remain the best models for inclusive, sustainable social and economic advancement. We commit to tackling threats jointly and committing our re ....

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Kenya's MPs push for suspension of projects in austerity drive

The East African
Tuesday April 06 2021
Kenya’s Parliamentary Budget Office (PBO) has advised the National Treasury to defer projects by one year even as Cabinet Secretary for the National Treasury Ukur Yatani prepares to table a spending plan for Ksh3 trillion ($27.52 billion) in the 2021/22 fiscal year amid growing pressure to control public expenditure, reduce borrowing and put off new projects to save a struggling economy.
PBO wants Treasury to rationalise recurrent spending as much as possible and freeze nominal expenditure growth for all spending categories particularly growth supportive sectors such as energy and infrastructure.
The MPs have also demanded that infrastructure spending be limited to major road networks and that the government should reinforce the work-from-home option for public servants and encourage shift to online platforms for meetings to reduce demands on operations and maintenance. ....

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