G20 countries agree on debt relief plan for the world’s poorest countries
Finance officials from the Group of 20 major economies agreed to suspend debt service payments for the world’s poorest countries through the end of the year.
Finance ministers and central bank presidents from the group of 20 (G20), the world's 20 largest economies, held a video conference to address the health and economic crisis caused by the coronavirus pandemic.
After a virtual meeting, Saudi Finance Minister Mohammed al-Jadaan said that the actions to freeze both principal repayments and interest payments will free up more than $20 billion for the countries to spend on improving their health systems and fighting the coronavirus pandemic.
The suspension of debt payments will start on May 1 and creditors will also consider a potential extension during this year, considering a report on the liquidity needs of those countries by the World Bank and the International Monetary Fund.
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