IMF and World Bank urge G20 nations to extend debt suspension programme – The National

IMF and World Bank urge G20 nations to extend debt suspension programme – The National

The economic situation in developing countries is increasingly desperate, World Bank president says

















Unidentified guests at a G20 meeting in Riyadh. The G20 finance ministers and central bank governors met virtually on Saturday to discuss the global economic outlook. AFP







The International Monetary Fund and the World Bank called on the Group of 20 leading economies to extend its debt suspension initiative to help poorer countries cope with the economic fallout of the coronavirus pandemic.



World Bank president David Malpass said on Saturday that the situation in developing countries "is increasingly desperate“ due to the current situation.



"Time is short," Mr Malpass said. "We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency.“



The International Monetary Fund also called on the G20 to extend the initiative, named as the Debt Service Suspension Initiative.



"We need to unite to help the poorest and most vulnerable economies, especially those struggling with high debt or dependent on hard-hit sectors,“ Kristalina Georgieva, managing director of the IMF said.



"The G20's Debt Service Suspension Initiative has been commendable and I hope that consideration will be given to extending