G20 to pause debt for poor countries: German Finance Minister

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A debt moratorium to help poor countries survive the coronavirus crisis should be followed by more measures, German Finance Minister Olaf Scholz told Reuters on Wednesday, adding that China’s support for those international efforts was crucial.

The finance ministers and central bank governors of the G20 group of the world’s largest economies held a virtual meeting on Wednesday to further address the global challenges presented by the pandemic.

“I’m convinced that the poorest countries in the world need support and therefore a moratorium on debt must be guaranteed,” Scholz said in a Reuters interview shortly before the G20 talks.

“This requires international cooperation - also far beyond the previous circles. So it’s important that not only the traditional countries do it... a contribution from China would of course be very important in this context.”

Scholz added that a G20 decision to suspend debt payments should be followed by more measures to help the world’s poorest countries recover after the coronavirus crisis.

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