G7 Ministers Urge Private Sector Debt Relief For Poorest Nations

G7 finance ministers on Friday reiterated their call for private lenders to participate in a debt suspension program for the poorest nations that was announced in April as the coronavirus attacked global economies

Washington, (APP - UrduPoint / Pakistan Point News - 25th Sep, 2020 ) :G7 finance ministers on Friday reiterated their call for private lenders to participate in a debt suspension program for the poorest nations that was announced in April as the coronavirus attacked global economies.

"We reiterate our call for private creditors to implement the DSSI on a voluntary basis when requested by eligible borrowers," the bloc said in a statement released by the US Treasury, referring to the Debt Service Suspension Initiative.

Finance ministers and central bankers from the G20 had earlier in the year endorsed an immediate one-year debt suspension for the poorest countries, which are particularly vulnerable to the economic impacts of the Covid-19 pandemic.

The Friday statement from the seven most-industrialized nations -- the United Kingdom, Canada, France, Germany, Italy, Japan and the United States -- supported extending this initiative, known as DDSI.