Mexico and Argentina ask for debt relief for middle income nations

Mexico and Argentina on Wednesday called for debt relief for middle income countries, saying the proposal could prevent a debt crisis emerging on the back of the pandemic.

In a joint statement during the International Monetary Fund and World Bank Spring Meetings, the two countries said middle income nations should have more access to IMF reserves known as the Special Drawing Rights mechanism and the creation of specific fund within international institutions to favor orderly debt restructuring of middle income countries.