(Bloomberg) – This week’s meeting of the Group of 20 finance ministers from the world’s largest economies will likely extend the Debt Service Suspension Initiative for the poorest nations until the end of the year, the president said. from the World Bank, David Malpass.
The extension of the deferral of debt payments for many of the world’s poorest countries will likely be the last, Malpass told reporters Monday.
The G20 Debt Service Suspension Initiative, which took effect last May, delivered $ 5 billion in aid to more than 40 countries in 2020, according to the World Bank. Last October, the G20 extended the program, which was originally due to expire in December 2020, through June, and agreed to evaluate a new six-month extension later.
The World Bank has made great progress in helping countries overcome the pandemic, but much work remains to be done to achieve broad and sustainable economic growth without harming the environment or leaving hundreds of millions of families in poverty, he noted.
“I hope the resources are a challenge,” Malpass said. “I think there will be years of greater need for deeply concessional resources.”
Original Note: World Bank Chief Says G-20 Likely to Extend Debt-Suspension Plan
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