ADFD suspends debt repayments for developing countries to support economic recovery – The National

ADFD suspends debt repayments for developing countries to support economic recovery – The National

The fund is also extending debt relief to individual companies grappling with the fallout from Covid-19

















ADFD is suspended debt instalments of developing nations and their national companies to help them cope with the economic fallout of the Covid-19 pandemic. AFP







Abu Dhabi Fund for Development (ADFD) is suspending debt servicing for developing countries and individual companies as part of the UAE's efforts to back the G20's plan of supporting countries grappling with the economic fallout from the Covid-19 pandemic.



The Abu Dhabi government-owned fund will consider postponement of debt instalments and interest payments for eligible countries and businesses in the developing world upon "request for forbearance“, the ADFD said in a statement on Sunday.



The relief initiative covers the whole of 2020, the fund said, without giving the monetary value of the relief package.



"At a time when the world is reeling under the effect of the pandemic that has affected every area - from economy and society to health and education - it is imperative for us to support particularly those that need it most, especially the low-income countries,“ Mohammed Saif Al Suwaidi, director general of the fund,