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G7 Finance Heads Seen Backing Extension Of Debt Freeze For Poorest Nations - Sources

G7 Finance Heads Seen Backing Extension Of Debt Freeze For Poorest Nations - Sources

G7 finance ministers are expected on Friday to signal their support for extending a debt relief programme aimed at helping the poorest countries weather the coronavirus pandemic, three sources briefed on the issue said.

WASHINGTON/TOKYO: G7 finance ministers are expected on Friday to signal their support for extending a debt relief programme aimed at helping the poorest countries weather the coronavirus pandemic, three sources briefed on the issue said.

The ministers of the Group of Seven advanced economies are set to meet by video conference on Friday to discuss global economic developments and the continued impact of the novel coronavirus, which has infected nearly 32 million people worldwide and killed around 977,000.

The G7 ministers will also discuss the longer-term debt sustainability of the poorest countries that have been crippled by high debt levels even before the pandemic hit, the sources said.

The discussions reflect a growing realisation among the global community that some of them may need their debt restructured, they said.

The sources, all of whom have knowledge of G7 deliberations, spoke on condition of anonymity as they were not authorised to speak publicly.

No comment was immediately available from the U.S. Treasury Department, which will host the meeting.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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