G20 agrees debt relief for poorest nations
IMF and World Bank welcome “powerful, fast-acting initiative”
The Group of 20 has agreed to offer debt relief to poorer countries that are struggling to finance actions to fight the Covid-19 pandemic.
After virtual talks today (April 15), the G20 nations agreed a “time-bound suspension” of debt payments for “the poorest countries”, if they request forbearance. The G20 said it had drawn up a joint “term sheet” to provide a common template for the initiative. The Paris Club of rich creditor nations is also backing the initiative.
In a joint statement
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