The G20 finance ministers and central bankers endorsed"a time-bound suspension of debt service payments for the poorest countries," and in the communique following their virtual meeting, said"all bilateral official creditors will participate in this initiative."
Saudi Finance Minister Mohammed Al-Jadaan, who currently chairs the group, said this means"poor countries don't need to worry about repaying over the course of the next 12 months." The initiative will"provide north of $20 billion of immediate liquidity" for poor countries to use"for their health system and support their people facing COVID-19," he said in a press briefing.
The G20 officials"put our money where our mouth is, and commit to further support the world as it faces this pandemic," he said.to the countries most in need, and finance ministers from the Group of Seven advanced economies agreed to do so on Tuesday, April 14, providing the G20, which includes China and Russia, was in favor.
The leaders of the IMF and World Bank hailed the announcement, calling it"a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people."
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