Business, labour groups urge G20 to extend, expand debt freeze for poorer countries | Malay Mail

Monday, 13 Jul 2020 06:52 AM MYT

WASHINGTON, July 13 — The International Chamber of Commerce, a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout.

In an open letter to be published today, the groups said further steps were needed since the global economy was facing an even deeper downturn than projected in April, when the G20 and Paris Club of creditors announced a freeze in debt service payments for the world's 73 poorest countries through year-end.

So far, 41 countries have applied for relief from debt servicing under the G20 Debt Service Suspension Initiative , and the Paris Club has signed agreements with 20 countries ranging from Ivory Coast to Ethiopia and Pakistan.

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