G20 Finance Ministers Urge Debt Repayment Suspension for Poorest Countries This Year

Confirmed stance on utilizing policy measures to revitalize the economy
Efforts to resolve differences on digital tax issues

[Asia Economy Reporter Naju-seok] The finance ministers of the Group of Twenty (G20) called on creditor countries to implement debt repayment suspension plans for the world's poorest countries, citing the COVID-19 pandemic.

On the 18th (local time), the G20 finance ministers held a virtual meeting and, following the G20 Finance Ministers and Central Bank Governors virtual meeting, issued a joint statement demanding the full and transparent compliance of creditor countries with the debt repayment suspension plans. Earlier, the G20 finance ministers agreed at their April meeting to temporarily suspend debt repayment obligations for the world's poorest countries and decided on debt repayment suspension for these countries.

The G20 finance ministers also emphasized cooperation using policy measures to address the COVID-19 pandemic and to revitalize the global economy. They stated, "We have decided to utilize all policy tools to protect people's lives, jobs, and incomes, and to support the recovery of the global economy and the resilience of the financial system."

David Malpass, President of the World Bank (WB), and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), also stressed the urgent need for debt repayment suspension measures for the poorest countries on this day.

Germany announced at this meeting that it would provide 3 billion euros (4.13 trillion won) in long-term loans to support poor countries through the IMF’s Poverty Reduction and Growth Trust (PRGT).

Additionally, the G20 finance ministers noted that they are making efforts to resolve disagreements regarding digital services taxes.

This content was produced with the assistance of AI translation services.