The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world’s poorest nations so they can battle the coronavirus pandemic.
The move aims to help countries that are home to two-thirds of the world’s population living in extreme poverty — largely in sub-Saharan Africa — and qualify for the most generous, low-cost loans from the International Development Association financed by wealthier nations. The IMF and World Bank called on the Group of 20 nations to support the initiative for “all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.”In addition, the institutions called for an analysis of the financing needs these countries will face, and whether their total debt load is sustainable.
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