G20 agrees to additional 6-month debt suspension for poor nations

Addis Ababa, October 15, 2020 (FBC) – The Group of 20 nations have agreed to extend the suspension of debt payments by an additional six months to support the most vulnerable countries in their fight against the coronavirus pandemic.

The G-20 says the extension will provide ongoing relief for the $14bn in debt payments that would have come due at the end of the year otherwise.

Wednesday’s decision gives developing nations until the end of June 2021 to focus spending on health care and emergency stimulus programs rather than debt repayments.

The G-20 announcement was made initially on Twitter during a meeting of the group’s finance ministers and central bank governors and later confirmed at a news conference.

The virtual discussions are being held at the start of this week’s meetings of the 189-nation International Monetary Fund and the World Bank, which are also being conducted virtually because of the coronavirus pandemic.

Source: Aljazeera