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World

World Bank chief expects G20 to extend debt payment freeze through end-2021

  • The G20 Debt Service Suspension Initiative had already helped countries defer some $5 billion in payments through the end of 2020, with another $7.3 billion in deferred payments expected through June, Malpass told reporters.
Published April 5, 2021

WASHINGTON: World Bank President David Malpass on Monday said he expects China, the United States and other Group of 20 major economies to extend a freeze in bilateral debt service payments through the end of 2021 when they meet this week.

The G20 Debt Service Suspension Initiative had already helped countries defer some $5 billion in payments through the end of 2020, with another $7.3 billion in deferred payments expected through June, Malpass told reporters.

Extending the debt payment freeze through year-end would save even more money that countries could use to combat the COVID-19 pandemic and support their economies, but 'actual debt relief' would be needed in the longer-term to allow the poorest countries to bring their debt burdens to a more moderate level.

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