The IMF executive board has approved the immediate debt relief for 25 countries to help address the impact of the Covid-19 pandemic.
Nearly 140 campaign groups and charities urged the IMF and World Bank, G20 governments and private creditors on Tuesday to help the world’s poorest countries through the coronavirus crisis by cancelling debt payments.
The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial crisis a decade ago, the head of the International Monetary Fund said on Friday, calling it “humanity’s darkest hour.”
Some countries’ banking systems might have to be recapitalized or even restructured, if their economies are severely handicapped by prolonged disruption from the coronavirus outbreak, officials at the International Monetary Fund said on Tuesday.
The heads of the World Bank and International Monetary Fund on Friday underscored the need to provide debt relief to poorer countries hit by the coronavirus pandemic, and said official bilateral creditors would have to play a major role.