The Group of 20 nations, representing the world’s biggest economies, have agreed to extend the suspension of debt payments by an additional six months to support the most vulnerable countries in their fight against the coronavirus pandemic, foreign media say.
As Al-Jazeera reports, the G-20 says the extension will provide ongoing relief for the $14bn in debt payments that would have come due at the end of the year otherwise. Wednesday’s decision gives developing nations until the end of June 2021 to focus on health care and emergency stimulus programs rather than debt repayments.
The G-20 announcement was made initially on Twitter during a meeting of the Group’s finance ministers and central bank governors and later confirmed at a news conference.
International aid groups expressed disappointment that more debt relief isn’t being provided by extending the moratorium on debt payments for a full year or forgiving part of the debt rather than merely suspending payments.