Developing Countries’ Debt Private Creditors 2020-06-10
2020-06-10
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The UK, G20, and Paris Club have suspended debt repayments from the world's poorest countries for 2020. The World Bank has not yet acted on debt relief despite it being a critical issue during the pandemic.
Mary Foy welcomes the Government's role in the G20's suspension of bilateral debt payments due in 2020 from the world's poorest countries and their donation to an IMF scheme for covid-19. However, she notes that the World Bank has not acted on debt relief. She asks what actions the UK will take to ensure that the World Bank cancels debt payments to support the world's poorest.
The UK has already worked on suspension and relief measures. Longer-term solutions will be considered in due course, but immediate focus is needed to address urgent needs first. The international development banks are committing $200 billion into developing countries over the next 15 months due to the crisis.
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