World Bank & IMF urge bilateral creditors to suspend debt payments from poorest nations

On Wednesday, World Bank and International Monetary Fund issued a joint statement urging all  official bilateral creditors to suspend debt payments from poorest countries amid vel Coronavirus crisis. As per statement, COVID-19 outbreak would have severe consequences for countries with low per capita income. In such a situation, suspending debt payment could help improve liquidity situation of se countries to tackle challenges of vel Coronavirus.  

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Both World Bank and IMF called upon G20 leers to allow m to assess  crisis impact and to prepare a proposal for comprehensive action by official bilateral creditors. endorsement for this proposal will be sought at meetings of Development Committee in April.  statement ded that this would send a strong signal to financial markets as well and sought support of G20 on this issue.  

Re joint statement here:

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Coronavirus crisis

First detected in Wuhan in December 2019, COVID-19- vel coronavirus has affected 196 countries in world. Presently, re are 4,32,000 confirmed cases of COVID-19 which has led to death of almost 20,000 people. As re is vaccine or specific antiviral medicine to deal to treat COVID-19, countries have been grappling with all possible mechanisms to contain its scope. So far, China, Italy, US, and Spain have witnessed  most number of confirmed cases of vel Coronavirus. So far, number of confirmed Coronavirus cases in India is 606. 

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