The federal government on Wednesday welcomed a joint statement by the World Bank and the International Monetary Fund in which it called on the G20 countries to suspend payments on the debts of developing countries.
On Twitter, the Federal Minister for Economic Affairs, Hammad Hazard, welcomed the joint statement by the World Bank and the IMF. Hammad wrote: “Prime Minister Imran Khan insisted on this after the COVID-19 pandemic. We hope that this is accepted, and we also urge multilateral organizations to alleviate their debts. ”
We welcome joint statement of WB & IMF calling upon G20 countries to suspend debt payments of dev countries.
PM Imran Khan has been urging this since COVID-19 pandemic.
We hope it shall be accepted & we also urge multi-laterals for relief on their debts https://t.co/NJJuZ6Thcy
— Hammad Azhar (@Hammad_Azhar) March 25, 2020
The International Monetary Fund and the World Bank called on governments on Wednesday to suspend debt payments to the world’s poorest countries so they can fight the coronavirus pandemic. “The World Bank Group and IMF believe that, for the time being, it is imperative to provide a global sense of relief for developing countries, as well as a strong signal for financial markets,” said Washington-based development lenders in a joint statement.
This movement aims to help countries that live in two-thirds of the world’s people living in extreme poverty, primarily in sub-Saharan Africa, and who qualify for the most generous and low-cost loans from the International Development Association ( IDA)) financed by richer nations.
The IMF and the World Bank have called on the G20 countries to support the initiative “by all official bilateral lenders to suspend debt payments from IDA countries that require patience.”