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G-20 to extend poor nations’ debt relief

Poor countries are to enjoy the suspension of debt servicing for six more months, the Group of 20 (G20) nations announced on Wednesday.

The economic giants said they were extending the suspension for the world’s poorest countries until June 2021.

In April, the industrialised nations pledged to suspend debt servicing from the world’s most vulnerable countries through the end of the year as they faced a sharp economic contraction caused by the pandemic.

“We have agreed to extend the Debt Service Suspension Initiative (DSSI) by six months,” Saudi Finance Minister Mohammed al-Jadaan said after a meeting of G20 finance ministers and central bank governors.

In its final statement after the meeting, the group said the extension would be until June 30 next year, and it could be further extended until the end of 2021, when the IMF and World Bank meet next spring.

“In light of the continued liquidity pressure, while progressively addressing debt vulnerabilities, we agreed to extend the DSSI by six months,” the statement said.

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