The World Bank President Expects G20 to Extend Its Initiative to Freeze Debt Payments Until End of 2021

World Bank President David Malpass said Monday that he expects China, the United States, and other major economies in the Group of Twenty to extend the freeze on bilateral debt service payments until the end of 2021 when it meets next week.

Malpass told reporters that the G20 initiative to suspend debt service payments has helped the poorest countries delay payments of about $ 5 billion until the end of 2020, and there are expected to be delayed for another $ 7.3 billion in payments until the end of June.

He said extending the freeze on debt service payments until the end of the year would also provide more money than the poorest countries can use to fight the Covid-19 pandemic and support their economies, but there is a need for “relief”