Covid19: The World Bank and IMF asks for the immediate suspension of the debt payment of developing countries

Public finance
Thursday, 26 March 2020 17:35
Covid19: The World Bank and IMF asks for the immediate suspension of the debt payment of developing countries

(Togo First) - As the coronavirus keeps spreading, the World Bank and the IMF have asked all bilateral lenders of IDA countries to suspend the payment of their debt if these countries request so. 

This was declared in a G20 summit meeting (videoconference) held on March 26, 2020. “We invite G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors to address both the financing and debt relief needs of IDA countries,” the statement from the Bretton Woods institutions indicate. 

The measure, according to the institutions, “will help with IDA countries’ immediate 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.” 

Also, the call to action would send a strong signal to financial markets and the international community, as the world is experiencing one of its darkest times.

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