Swiss ready to back debt relief for poor countries
- Country:
- Switzerland
Switzerland backs a proposal by the International Monetary Fund to grant debt relief to poor countries to help them respond to the coronavirus pandemic, its government said on Thursday. The IMF is looking to triple its concessional financing for the poorest countries to over $18 billion, its Managing Director Kristalina Georgieva said on Wednesday.
"Switzerland is... prepared in principle to support the initiative launched by the IMF and the World Bank to temporarily suspend debt service payments for poorer countries," the cabinet in Bern said in a statement. "This is intended to create fiscal space for severely affected poorer countries for urgent expenditure in the fight against COVID-19."
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