Friday, October 4, 2024
spot_img
spot_img
HomeNewsGlobal NewsWorld Bank Group - IMF call to action on debt of IDA...

World Bank Group – IMF call to action on debt of IDA countries

WASHINGTON, USA – The World Bank Group (WBG) and International Monetary Fund (IMF) have issued the following joint statement to the G20 concerning debt relief for the poorest countries:

The coronavirus outbreak is likely to have severe economic and social consequences for International Development Association (IDA) countries, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

With immediate effect—and consistent with national laws of the creditor countries—the World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance. 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 invite G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations and to prepare a proposal for comprehensive action by official bilateral creditors to address both the financing and debt relief needs of IDA countries. We will seek endorsement for the Proposal at the Development Committee during the Spring Meetings (April 16–17).

The World Bank Group and the IMF 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 international community would welcome G20 support for this Call to Action.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

Jamaica’s private sector urged to take advantage of trade arrangements with UK

By Andrew Laidley KINGSTON, Jamaica, (JIS) - President of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, called on business stakeholders to take advantage...

Global News

IAS calls for global access as Gilead announces lenacapavir licensing

GENEVA, Switzerland - The International AIDS Society, (IAS) applauds moves by Gilead Sciences to make generic injectable lenacapavir for HIV prevention widely available, but cautions...