World Bank, IMF urge debt relief for poorest countries

The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the poorest countries in the world that are facing severe consequences from the rapidly spreading coronavirus.

In a joint statement, the institutions called on official bilateral creditors to immediately suspend debt payments from International Development Association (IDA) countries, which are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

"This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country," the IMF and the World Bank said.