World Bank unveils major new plan to suspend poorest countries' debt

World Bank unveils major new plan to suspend poorest countries' debt

THE WORLD BANK’S creditors are showing “huge willingness” to suspend the poorest countries debt amid the coronavirus pandemic.

The move is in place so the poorest of the world’s economy can focus their resources on fighting the deadly coronavirus pandemic.

It comes as the G20 major economies and the G7 were said to be largely supportive of a call by the World Bank and International Monetary Fund for a temporary halt in debt payments.

World Bank Managing Director Axel van Trotsenburg said: “Everybody understands that we need to help the poorest countries.

“There is a huge willingness – as in nobody is questioning that, absolutely nobody.

“I think we are in a good place to move forward.”

The worlds biggest economies will discuss the relief this week.

Sources told Reuters they expected the G20 countries to back a suspension of debt payments at least until the end of the year.

David Malpass, World Bank President, said last week he expected “broad endorsement” by the join Development Committee of the World Bank and IMF this Friday.

The World Bank has already approved billions in emergency funding for 32 countries to respond to the COVID-19 crisis, with decisions on 40 more expected this month.

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