Coronavirus: IMF, World Bank urge deferral of debt payments by poorest nations

The IMF issued the statement at following its 2019 annual visit to the country. (File photo: Reuters)

The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world’s poorest nations so they can battle the coronavirus pandemic.

“The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets,” the Washington-based development lenders said in a joint statement.

The move is directed at countries that qualify for the most generous aid from the “IDA” fund aimed at the “two-thirds of the world’s population living in extreme poverty.”

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Last Update: Wednesday, 20 May 2020 KSA 10:02 - GMT 07:02