France wants the G20 to decide "massive and immediate aid" for developing countries, particularly Africans, which are going to be confronted with the coronavirus health crisis and the economic impact that is already being felt.
Economy and Finance Minister Bruno Le Maire explained to the press that he will launch "an appeal for solidarity for the most fragile states" during the conference call with his G20 counterparts on Tuesday, with an increase in credit lines. and a moratorium on debt repayment.
On the one hand, it would be a question of increasing to 500,000 million dollars the so-called special drawing rights (DTS) of the International Monetary Fund (IMF) and the mobilization of a fast line of credit
On the other, a moratorium on debt payment that "could be a first stage to alleviate those states," according to Le Maire.
The French minister stressed his "great concern" about the situation in developing countries, and in particular in Africa.
The reason is that even before being fully affected by the COVID-19 epidemic, they are seeing their exports of raw materials decrease and, above all, the collapse of the oil price, which is below the $ 25 a barrel.
Le Maire recalled that for a country like Chad, oil represents 60% of its exports.
The French minister justified the aid device he proposes to the G20 so that "the most fragile states on the planet are not the first victims of the coronavirus crisis."