World Bank's Malpass says G20 may agree to only 6-month debt relief extension

WASHINGTON - Some G20 creditor countries are reluctant to broaden and extend another year of coronavirus debt service relief to the world’s poorest countries, so a six-month compromise may emerge this week, World Bank President David Malpass said on Monday.

Malpass, speaking to reporters as the World Bank’s and International Monetary Fund’s virtual annual meetings get underway, said G20 debt working groups have not reached agreement on the two institutions’ push for a year-long extension of the G20 Debt Service Suspension Initiative . Finance ministers and central bank governors from the G20 major economies are scheduled to meet by videoconference on Wednesday. In May, they launched an initiative to allow poor countries to suspend payments on official bilateral debt owed to G20 creditor countries until the end of 2020, which Malpass said has freed up $5 billion to bolster coronavirus responses so far.

Malpass said the two institutions would propose a joint action plan to reduce the debt stock for poor countries with unsustainable debts.“Leaders of the debtor nations have been deferential to the creditors,” Malpass said. “It’s been very important that leaders of poorest nations speak up and speak out about the need for a lighter debt burden from the creditor nations. That dialogue hasn’t been as robust yet as I think is necessary to move this process along.

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