G20 agrees on debt moratorium for poorest nations

The Group of 20 announced on Wednesday it agreed to suspend debt payments of the world’s poorest countries for 12 months amid fallout from the coronavirus pandemic.

“We support a time-bound suspension of debt service payments for the poorest countries that request forbearance. All bilateral official creditors will participate in this initiative,” G20 finance ministers and central bank governors said in a communique following their virtual meeting.

Over 70 countries, more than half of them located in Africa, will be eligible for the debt moratorium.

Breaking the News / JC