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World Bank chief says G-20 might extend debt-suspension plan

───   05:00 Thu, 08 Apr 2021

World Bank chief says G-20 might extend debt-suspension plan | News Article

The Group of 20 gathering of finance ministers from the world’s largest economies this week is likely to extend debt-service suspension initiative for poorer nations until the end of the year, according to World Bank President David Malpass.


He said the extension of the reprieve in debt-service payments by many of the world’s poorer nations will probably be the final.

The G-20’s Debt Service Suspension Initiative, which took effect last May, delivered $5 billion in relief for more than 40 countries in 2020, according to the World Bank.

The G-20 last October extended the program, originally set to expire in December 2020, through June, and agreed to consider a further six-month extension later.

Malpass said the World Bank has made good progress in helping countries through the pandemic, but much work remains to be done to achieve sustainable and broad-based economic growth without harming the environment or leaving hundreds of millions of families in poverty.

Moneyweb

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