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IMF and World Bank Ask G20 to Halt Debt Collection for Poor Countries

international | economics and finance | press release

Wednesday March 25, 2020 18:00

by Kate Zeller - Jubilee USA Network

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The International Monetary Fund asked G20 countries and other lending countries to stop collecting debt from poor countries due to the coronavirus pandemic.

Washington, DC - The International Monetary Fund asked G20 countries and other lending countries to stop collecting debt from poor countries due to the coronavirus pandemic.

"We urge lending countries to take up this call so billions of dollars can be freed up for poor countries dealing with impacts of the coronavirus," said Eric LeCompte who leads Jubilee USA. The religious development group sent a letter to the IMF on Monday urging debt payment moratoriums. "Debt payment moratoriums can get money to countries quickly."

In a statement released Wednesday from the Fund and the World Bank, the institutions encouraged wealthy countries to stop collecting debt from 76 developing countries. More than 65% of those who live in extreme poverty call these countries home.

"Confronting the global health and economic impacts of the coronavirus will only be possible if we implement a number of solutions. We need to see the IMF and World Bank also use debt payment moratoriums," said LeCompte. "The IMF will need to provide financing for both poor and more developed countries. Various creditors will need to provide debt relief for developing and developed countries. We need to improve our debt restructuring processes very quickly."

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