G20 boosts debt relief for developing nations

Chia sẻ

(VOVWORLD) - G20 nations has declared a "common framework" for an extended debt restructuring plan for coronavirus-ravaged developing countries.

G20 boosts debt relief for developing nations - ảnh 1People queue for food aid meant to relieve hunger caused by the COVID-19 pandemic in Johannesburg, South Africa (Photo: VNA)

The Finance Ministers and Central Bank Governors of member nations held a video conference on Friday. At the meeting, the participants agreed to a new framework that would make credit information more transparent, and also more debt relief measures, including partial reductions. G20 nations last month agreed a six-month extension to a debt suspension initiative until June next year.

73 countries are eligible to have their debt restructured, including 38 in sub-Saharan Africa.

Last month, the World Bank said the debt of the world's 73 poorest countries grew 9.5%last year to a record 744 billion USD.

The countries' debt burden owed to government creditors, most of whom are G20 states, reached 178 billion USD last year, and China is owed more than 63% of that.