Ecuador government spending between 2017 and 2020 ...............27 3 Protecting and Transforming Social Spending for Inclusive Recoveries 4 © UNICEF/UNI372446/Dejongh COVID-19 and the Looming Debt Crisis Key messages The COVID-19 pandemic has Overall, the current international exacerbated the risk of a debt crisis response to the debt crisis is for low- and middle-income countries insignificant i. [...] The international community has acted to alleviate some of the effects of the debt crisis in the short term. [...] However, the scale of the response remains small in comparison to the overall contribution of creditors to the HIPC and the Multilateral Debt Relief Initiative. [...] In response to a joint call from IMF and the World Bank, the G20 nations established the DSSI, with the aim of allowing the poorest countries to free up resources for social or economic spending in response to the crisis. [...] 20 COVID-19 and the Looming Debt Crisis However welcome, the current international response to the debt crisis is insignificant in comparison to the overall fiscal response to COVID-19, which reached $11 trillion in the initial stage of the pandemic.
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