Coronavirus: IMF, World Bank Advocate Suspension Of Debt Payment By Poor Countries

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The International Monetary fund (IMF) and the World Bank has today advocated for governments to suspend debt servicing by the world poorest countries to enable them to redirect the money for the containment of the deadly COVID-19 pandemic.

 

Contain in a joint statement signed by, the Washington based development leaders, the World Bank Group and the IMF posited that fighting the disease at this crucial time is significant considering the threatening nature of the epidemic in the developing countries as well as a strong signal from financial markets.

The initiative was to provide a soft landing for countries that qualify for the most generous aid from the International Donor Agency “IDA” fund targeted at the two-third of the world population with an index of extreme poverty.

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