G20 endorses temporary suspension of debt service for poorest countries

Finance ministers and central bankers of the G20 group on Wednesday approved a temporary suspension of debt service for the poorest countries, they announced in a statement released after a virtual meeting.

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" We have agreed on a coordinated approach with a common timetable providing the main characteristics of this initiative (...) which has also been approved by the Paris Club ", they state. " All official bilateral creditors will participate in this initiative, " added the G20 also urging private creditors to participate in the initiative.

On Tuesday, the G7 said it was in favor of such an initiative to help these countries cope with the health and economic impacts of the coronavirus pandemic, but on condition of receiving the approval of the G20.