Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest ...
Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest countries in response to the coronavirus pandemic, and to boost funding to avert a global economic meltdown.
Widespread shutdowns aimed at containing the virus are taking a huge toll on the global economy, and especially poor countries with weak health systems, high debt levels and few resources to manage the dual health and economic crises. The lawmakers welcomed a move by the IMF to cover the debt service payments of 25 of the poorest countries for six months, but said further efforts were needed.
Failing to do so meant those countries would not be able to prioritize spending needed to fight the virus, which in turn could lead to continued disruption to global supply chains and financial markets, they wrote.
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