W’Bank Urges G20 Countries to Suspend Debt Repayment by Poor Countries
In view of the global outbreak of coronavirus (COVID-19), the World Bank has urged advanced rich countries who are members of the G20 to suspend payment of payment of debts by poor countries.
The World Bank President, David Malpass, made the appeal during the G20 finance ministers’ conference call, according to a statement in the bank’s website.
Part of the statement reads, “I’m calling on the G20 Leaders to allow the poorest countries to suspend all repayments of official bilateral credit until the World Bank and the IMF have made a full assessment of their reconstruction and financing needs.
“These are difficult times for all, especially for the poorest and most vulnerable. For the World Bank Group, our first goal is to provide prompt support during the crisis, based on a country’s needs.
“It’s also vital to shorten the time to recovery and create confidence that the recovery can be strong.”
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