G20 endorses temporary debt standstill for the poorest countries

The Group of 20 countries announced Wednesday its support for a temporary halt in paying the debt of the world’s poorest countries as they struggle to cope with the coronavirus pandemic.

“We support a temporary suspension of debt service payments for the poorest countries asking for forbearance,” finance ministers and G20 central bankers said in a statement after their meeting. Virtual. “All official bilateral creditors will participate in this initiative.”

The group also called on private creditors, working through the Institute of International Finance, to participate in the initiative.