DUBAI/RIYADH/WASHINGTON: Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world's poorest countries from May 1 until the end of the year, as a group of private creditors also backed offering debt relief.
The initiative is part of efforts to bolster the global economy amid the coronavirus outbreak, which is pushing the world into the deepest recession since the Great Depression of the 1930s. A French finance ministry official on Tuesday said private creditors had agreed voluntarily to roll over or refinance US$8 billion of the debt of the poorest countries, on top of US$12 billion in debt payments to be suspended by countries.
"This is a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people," they said in a joint statement.
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