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COVID-19: Business, labor groups urge G20 to extend, expand debt freeze for poorer countries

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WASHINGTON, July 12 (Reuters) - The International Chamber of Commerce, a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout.

The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional steps to boost the participation of private creditors, who have been slow to engage.

Top global finance officials last week said debt restructuring may be needed on a country-by-country basis to help heavily indebted countries hit hard by the outbreak. But many countries not eligible for the moratorium are also at risk of debt distress given the shocks caused by the novel coronavirus outbreak, the group said.

 

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