PARIS (AFP) - French Finance Minister Bruno Le Maire on Thursday (April 2) called for a US$500 billion (S$717.24 billion) war chest and debt moratorium for developing countries, especially in Africa, to help them cope with the coronavirus crisis.. Read more at straitstimes.com.
PARIS - French Finance Minister Bruno Le Maire on Thursday called for a US$500 billion war chest and debt moratorium for developing countries, especially in Africa, to help them cope with the coronavirus crisis.
"We have the responsibility of avoiding a drama in developing nations, especially in Africa," Mr Le Maire said, days after urging the G-20 group of rich nations to take steps to help poor countries hit by the pandemic. Mr Le Maire also said France wanted an increase in special drawing rights , the currency of the International Monetary Fund, to over US$500 billion as well as"a swift new credit line to complement swap lines between central banks to support countries which are most in need".
On March 25, the IMF and World Bank urged a freeze on debt repayments"to provide a global sense of relief for developing countries as well as a strong signal to financial markets".
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