G-20 to Make Debt Relief Extension Call Closer to Year End

The Group of 20 leading economies will decide on extending the current debt payments suspension for the poorest countries closer to the end of the year, putting off assurances of additional relief as the coronavirus pandemic ravages the world.

All member countries have started implementing the Debt Service Suspension Initiative that currently is set to only run through December, and the G-20 expects the standstill to make $14 billion available to confront the virus, Finance Minister Mohammed Al-Jadaan of host Saudi Arabia told reporters on Saturday. So far, 42 countries have requested help under the plan, leading to the suspension of $5.3 billion in repayments.