G7 ministers reaffirm bilateral debt relief commitment for poorest nations

The G7 Ministers welcomed the leadership by the Institute of International Finance in coordinating private sector participation, and look forward to follow-up

G7 Finance Ministers have reaffirmed their commitment towards implementing an official bilateral debt relief for the world's poorest countries amid the Covid-19 pandemic.

"Covid-19 has exacerbated existing debt vulnerabilities in many low-income countries, highlighting the importance of debt sustainability and transparency to long-term financing for development," the Ministers said in a joint statement released by the US Treasury Department on Wednesday, news agency IANS reported.

"We are committed to implementing the Debt Service Suspension Initiative agreed by the G20 and the Paris Club, by suspending official bilateral debt payments for the poorest countries to year-end 2020 and possibly longer, providing