G20 agrees debt freeze for world’s poorest countries

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Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world’s poorest countries from May 1 until the end of the year, as a group of private creditors also backed offering debt relief.

The moves to freeze both principal repayments and interest payments will free up more than $20 billion for the countries to spend on their health systems and help tackle the coronavirus pandemic, Saudi Finance Minister Mohammed al-Jadaan said.

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