Nigeria, others for debt relief of G20, China
By Chris Ndibe
G20 countries, World Bank and China, have resolved to offer debt service waiver to Nigeria and 75 other countries.
The decision was taken at the meeting of G20 on Wednesday.
“We will benefit to the extent that the principal and interest repayments falling due which to our understanding is a debt service suspension (not forgiveness) until the end of 2020.”
“The G20 expressed support for a time-bound suspension of debt service payments for the poorest countries that request forbearance.”
“They agreed on a coordinated approach with a common term sheet providing the key features for this debt service suspension initiative, which is also agreed by the Paris Club”.
The G20 are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, UK and the United States (U.S.).