nations, published in the Financial Times, had
called for dramatic measures that include an
immediate moratorium on all debt payments,
public and private, until the pandemic is over.
While the G-20 did not specify how many
countries would benefit, French Finance Minister
Bruno Le Maire said 76 countries were eligible
for the moratorium, including about 40 in sub-
Saharan Africa. Debt payments worth $20 billion
will be suspended including $8 billion owed to
private creditors and $12 billion owed to other
countries, he said.
An additional $12 billion in debt payments to
multilateral institutions like the World Bank are
also under consideration for a debt freeze. The
freeze on debt repayments will last through the
end of this year and could be extended.
“This is a powerful, fast-acting initiative that will
do much to safeguard the lives and livelihoods
of millions of the most vulnerable people,” said
World Bank Group President David Malpass and
IMF Managing Director Kristalina Georgieva in
a joint statement.
African officials have joined forces to appeal
for billions of dollars in financial assistance and
improve their position in the global competition
with richer countries for badly needed medical
equipment. The African Union appointed four
special envoys to mobilize support and created a
platform to help the continent’s 54 countries bulk-
buy medical goods at more accessible prices.
While virus cases among Africa’s 1.3 billion
people total more than 16,000, health experts
have said the continent is weeks behind the
U.S. and Europe in the pandemic and the rise in
cases looks alarmingly similar to Europe’s.