WORLD BANK. IMF SUSPEND DEBT PAYMENTS

By Ruth Chayinda:The World Bank Group and the International Monetary Fund -IMF- have called on all official bilateral creditors to suspend debt payments from International Development Association -IDA- countries that request patience with immediate effect due to the Coronavirus outbreak.In a Joint Statement released to ZNBC, the World Bank and IMF, said the suspension will help the affected countries with 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.They have also invited the G20 leaders to task the bank and the IMF to identify countries with unsustainable debt situations, and prepare a proposal for comprehensive action by official creditors to address both the financing and debt relief needs of IDA countries.The World Bank Group and IMF also said it is imperative to provide a global sense of relief for developing countries and a strong signal to financial markets through such a call to action due to the economic and social consequences for International Development Association countries due to the Coronavirus. Post Views: 13
News Source: ZNBC

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