G20 and G7 countries support temporary halt in debt payments for poorest countries

G20 and G7 countries support temporary halt in debt payments for poorest countries.

These countries have expressed their support to World Bank and IMF call for a temporary halt in debt payments for poorest countries.

G20 and G7 countries support

World Bank Managing Director Axel van Trotsenburg said this in an interview with a British news agency.

He said step has been taken to help the poor countries to focus on fighting the coronavirus pandemic.

According to reports, Finance officials from the G7 and G20 countries would discuss the debt relief issue this week.

Earlier, World Bank President David Malpass said he expected a broad endorsement of the proposal by the 25-member joint Development Committee of the World Bank and IMF on Friday.

Debt restructuring diplomacy

Meanwhile, Pakistan government has already launched a diplomatic campaign in this regard.

Foreign Minister Shah Mehmood Qureshi updated a high-level meeting at the Ministry of Foreign Affair son in Islamabad last week.

Pakistan has assigned its envoys at UN for debt restructuring diplomacy due to negative impacts of deadly Coronavirus pandemic on the country’s economy.

They reviewed situation in the wake of Covid-19 and its impact on the economy.

Foreign minister directed the permanent representatives of Pakistan in New York and Geneva to make efforts in that regard.