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World Bank, IMF call for suspending debt payment by developing countries including Pakistan

Web Desk by Web Desk
March 26, 2020
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World Bank and International Monetary Fund (IMF) have urged its bilateral creditors to suspend debt payments from International Development Association (IDA) countries to help them combat the COVID-19 pandemic.

Pakistan, being part of IDA countries, will also get a marginal benefit if the creditor countries agreed to the joint proposal of the IMF and the World Bank.

Also Read: Confirmed cases of coronavirus in Pakistan rises to 1022

In a joint statement, the World Bank Group and the IMF said the coronavirus outbreak was likely to have severe economic and social consequences for IDA countries, which are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

The statement said the proposal was likely to be endorsed by the Development Committee during its spring meetings to be held on April 16 and 17.

Minister for Economic Affairs Division Hammad Azhar has welcomed the joint statement of World Bank and IMF calling for suspending of debt payment by developing countries and hoped that it would be accepted.

In a tweet, he said Prime Minister Imran Khan had been urging this since inception of the COVID-19 pandemic.

The minister also urged multi-laterals for relief on 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
Tags: countriesdebt paymentIMFPakistanWorld Bank
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