WASHINGTON, June 4 — Group of Seven finance ministers yesterday said a debt relief initiative for the world’s poorest countries could be extended beyond the end of the year to help deal with economic fallout from the coronavirus pandemic. In a lengthy joint statement, the G7 finance ministers...
Thursday, 04 Jun 2020 08:10 AM MYT
In a lengthy joint statement, the G7 finance ministers urged all official creditors to join the initiative, called for strengthened reporting of public debt data, and said all creditors — public and private — should make responsible lending decisions in line with debt sustainability guidelines. A debt relief initiative offered by the Group of 20 major economies, which includes China, and the Paris Club of official creditors could provide about US$12 billion in extra liquidity through the end of the year. But it has drawn applications from only half of 73 eligible countries so far, and private sector participation has been halting.
Yesterday, she said “a small universe” of emerging market countries may need to restructure their debt in the future, given the impact of the economic crisis and a sharp drop in revenues in commodity exporting countries.
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