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.
FILE PHOTO: Democratic U.S. presidential candidate Senator Bernie Sanders speaks during the 11th Democratic candidates debate of the 2020 U.S. presidential campaign, held in CNN's Washington studios without an audience because of the global coronavirus pandemic, in Washington, U.S., March 15, 2020. REUTERS/Kevin Lamarque
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. Cancelling the debt of the poorest countries was “the very least that the World Bank, IMF and other international financial institutions should do to prevent an unimaginable increase in poverty, hunger, and disease that threatens hundreds of millions of people,” he said.
In the letter, parliamentarians from two dozen countries on all six continents, said debt service obligations of the poorest countries should be cancelled outright, instead of simply suspended, as agreed by the Group of 20 countries in April.
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