G20 suspends poor countries' debt for 12 months

Finance ministers and governors of the central banks of 20 industrialized and developing countries approved today a temporary suspension of the debt of poor countries.

A <x0 co-ordinated approach” was reportedly agreed and approved in Paris.

All official bilateral creditors will participate in the initiative,” has released the G20.

Saudi Arabia Finance Minister Mohammad al-Jadan said at a press conference that the debt of the poorest countries was suspended for 12 months.

We are determined to protect people's lives. We must continue and increase our efforts,” he said.

A group of seven industrialized world nations G7 pledged yesterday to suspend debts of poor countries to help them cope with the COVID-19 pandemic.