World Bank, IMF call for suspension of debt payment

26 Mars, 2020, 04:52 | Auteur: Auguste Feret
  • World Bank, IMF Call For Suspension Of Debt Payment By Developing Nations

In a joint statement, Wednesday, the International Monetary Fund and the World Bank said that they have made representation to the G20 countries concerning debt relief for the poorest countries.

The debt relief as announced in a statement, yesterday, was specifically for the International Development Association, IDA, countries, to mitigate the effect of the coronavirus pandemic on the economies of the affected countries.

The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the poorest countries in the world that are facing severe consequences from the rapidly spreading coronavirus.

The move aims to help countries that are home to two-thirds of the world's population living in extreme poverty - largely in sub-Saharan Africa - and qualify for the most generous, low-priced loans from the International Development Association (IDA) financed by wealthier nations.

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"The World Bank Group and the International Monetary Fund 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 Washington-based development lenders said in a joint statement.

In the fiscal year ending June 30, 2019, IDA commitments totaled $22 billion, of which 36 percent was provided on grant terms, according to the World Bank.

"The global community would welcome G20 support for this Call to Action".

In a joint statement issued on March 25, 2020, the Bretton Woods Institutions said, "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 will seek endorsement for the Proposal at the Development Committee during the Spring Meetings". The worldwide community would welcome G20 support for this Call to Action.

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