G7 backs debt moratorium for poor countries if G20 creditors, Paris Club join

WASHINGTON: Group of Seven (G7) finance officials on Tuesday vowed to continue to act as needed to combat the coronavirus pandemic and stabilise the global economy, and threw their support behind temporary debt relief to the poorest countries.

In a joint statement, G7 finance ministers and central bankers 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.

They also called for more contributions to the International Monetary Fund’s facilities that support the poorest countries, and said the debt relief effort should include private creditors on a voluntary basis, as well as efforts to enhance debt transparency.

- Advertisement -
- Advertisement -

Must Read

Emirates extends suspension on flights from Pakistan till Aug 7

UAE national carrier Emirates has again extended flight suspension from Pakistan and other South Asian countries till August 7. Emirates, in its latest advisory stated:...