BALI — Indonesia's G20 Presidency must encourage the global community to consider debt restructuring or cancelation for developing and poorer countries, as total external debt reached $12.9 billion due to the COVID-19 pandemic, the Finance Ministry stated according to ANTARA News Agency.

Finance Ministry Expert Staff on Macro-economics and International Finance Wempi Saputra said that debt restructuring should be deliberated during the G20 Summit.

"This is to expedite the global economic recovery, particularly for poorer countries," Saputra stated, as per the statement here Tuesday. Despite 48 countries been allowed to delay their debt payment, it is only a temporary solution as, in the end, the debt must be settled, he remarked.

As the current holder of the G20 Presidency, Indonesia should play its active role by becoming the facilitator and the main supporter for impoverished countries and providing solutions for their national debt issues, he emphasized.

The COVID-19 pandemic caused economic contractions in several countries, the ministry official said.

Apart from national debt issues, the ministry expert staff also urged Indonesia to encourage developed countries to assist poorer nations to develop their infrastructure, for instance, by increasing their national capacity.

As global crises affect all economies, more countries struggle to develop their infrastructures. Hence, Indonesia must step in as an advocate for those countries, he remarked. — SPA