Major international creditors will suspend debt payments this year for the world's poorest countries, who will be hit hardest by the rapidly ...
WASHINGTON/PARIS: Major international creditors will suspend debt payments this year for the world's poorest countries, who will be hit hardest by the rapidly spreading coronavirus pandemic that has sparked the steepest downturn in the global economy since the 1930s.
In a joint statement, they said they were ready to provide"a time-bound suspension on debt service payments due on official bilateral claims for all countries eligible for World Bank concessional financing" if joined by China and other countries in the Group of 20 major economies, and as agreed with the Paris Club group of creditors.
The IMF, in its 2020 World Economic Outlook, said on Tuesday the global economy is expected to shrink by 3.0per cent during 2020 in a stunning coronavirus-driven collapse of activity that will mark the steepest downturn since the Great Depression of the 1930s. Separately, a senior German official spoke of a debt moratorium by official creditors worth up to US$14 billion, a number previously given by Malpass.
A French finance ministry official said private creditors have agreed on a voluntary basis to roll over or refinance US$8 billion in debt.
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