The G20 group of largest economies is set to meet on Wednesday after they pledged to suspend debt service from the world's poorest countries through the end of the year as they faced a sharp economic contraction caused by Covid-19.

As per the Saudi Press agency, SPA, G20 finance ministers and central bank governors will hold a virtual meeting under the Saudi presidency to discuss how to support rapid, sustainable global economic recovery.

As per details, the ministers will also discuss updates to the G20 action plan for supporting the global economy during the coronavirus pandemic, and the progress made in the G20 initiative to suspend debt service payments and the proposal to extend it to 2021.

They will also examine the group's action plan to ensure they respond promptly to developments in the health and economic situation, and takes the necessary steps to support efforts to restore strong, sustainable, balanced and comprehensive growth.

Earlier, World Bank’s President David Malpass said that the G20 countries may only approve a six-month debt relief extension. Malpass said relief has been weaker than expected because "not all of the creditors are participating fully," with only $5 billion granted under the expected $8 to $11 billion, and China among the countries that holding back.