G20 announced a debt standstill for poorer nations in April, but campaigners said it was insufficient.
World Bank president David Malpass on Saturday called for the debt suspension initiative to be extended through the end of 2021, while multiple charities including Oxfam said it needs to be stretched through 2022 to avert a “catastrophe for hundreds of millions of people”. Any extension of the initiative will be based on how the pandemic develops and recommendations of the International Monetary Fund and World Bank that will be submitted to G20 members in advance of their meeting in October, it added.
“We need to unite to help the poorest and most vulnerable economies, especially those struggling with high debt… The G20’s debt service suspension initiative has been commendable and I hope that consideration will be given to extending it.” Despite the group’s initiatives so far, 73 of the world’s poorest countries are still required to pay up to US$33.7 billion in debt repayments through the end of the year, according to the charities Oxfam, Christian Aid and Global Justice Now.
“Covid-19 has exposed the glaring inequalities that exist in our world,” said Julie Verhaar, Amnesty’s acting secretary-general.
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