Pakistan welcomes IMF, World Bank statement

By: News Desk      Published: 10:27 PM, 25 Mar, 2020
Pakistan welcomes IMF, World Bank statement

The federal government on Wednesday welcomed the joint statement of the World Bank and the International Monetary Fund in which they called upon the G20 nations to suspend debt payments of developing countries.

In a tweet, Federal Minister for Economic Affairs Hammad Azhar welcomed the joint statement of the World Bank and IMF.

Hammad wrote: “PM Imran Khan has been urging this since COVID-19 pandemic. We hope it shall be accepted & we also urge multi-laterals for relief on their debts.”

IMF, World Bank statement

The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world’s poorest nations so they can battle the coronavirus pandemic.

“The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets,” the Washington-based development lenders said in a joint statement.

The move aims to help countries that are home to two-thirds of the world’s population living in extreme poverty—largely in sub-Saharan Africa—and qualify for the most generous, low-cost loans from the International Development Association (IDA) financed by wealthier nations.

The IMF and World Bank called on the Group of 20 nations to support the initiative for “all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.”