Friday, June 5, 2020

World Bank asks bilateral creditors to suspend debt payments from IDA countries

Featured

Bolstering the economy during the COVID-19 pandemic

As the tally of Coronavirus cases in Pakistan crosses 80,000, the impacts of the pandemic are beginning to gain...

Australia pledges $207 million for a regional vaccine program

Australia will pledge 300 million Australian dollars (207 million US dollars) to provide vaccines for children in the Indian...

The UN Economic Council holds a meeting to discuss helping governments recover from Corona

The United Nations Economic and Social Council UN ECOSOC held a wide-ranging political debate to explore funding options for...
Robert Frank
Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries:

The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance. This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country.

We invite G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations and to prepare a proposal for comprehensive action by official BILATERAL creditors to address both the financing and debt relief needs of IDA countries. We will seek endorsement for the Proposal at the Development Committee during the Spring Meetings (April 16–17).

The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets. The international community would welcome G20 support for this Call to Action.

Robert Frank
Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

Latest News

Bolstering the economy during the COVID-19 pandemic

As the tally of Coronavirus cases in Pakistan crosses 80,000, the impacts of the pandemic are beginning to gain...

Australia pledges $207 million for a regional vaccine program

Australia will pledge 300 million Australian dollars (207 million US dollars) to provide vaccines for children in the Indian and Pacific region, Australian Minister...

Emergency in Russia after 20 thousand tons of fuel leaked into a river in Norilsk

Russian President Vladimir Putin has ordered the lifting of the state of emergency in the city of Norilsk, Siberia, after 20,000 tons of fuel...

The UN Economic Council holds a meeting to discuss helping governments recover from Corona

The United Nations Economic and Social Council UN ECOSOC held a wide-ranging political debate to explore funding options for the pandemic and to mobilize...

Tokyo to issue an alert on the Coronavirus after 34 new cases have been confirmed

Japanese government sources said today, Tuesday, that the capitalist government of Tokyo is considering issuing what the governor of Tokyo, Yoriko Koike, called "the...

Related News