G7 finance ministers call on private lenders to help poor nations with debt suspension program

In a move to help the poorest nations across the world in the harsh times of Coronavirus pandemic, the G7 finance ministers on September 25, called on the private sector to take part in a debt suspension program that was announced in April as the COVID-19 infection attacked global economies.

In a statement released by the US Treasury, referring to the Debt Service Suspension Initiative, the bloc of the seven most-industrialized nations the United Kingdom, Canada, France, Germany, Italy, Japan and the United States said, “We reiterate our call for private creditors to implement the DSSI on a voluntary basis when requested by eligible borrowers.”

Adding further, it said, “Recognizing the ongoing financial needs of low-income countries, we support extending the DSSI in the context of a request for IMF financing.”

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