World Bank sees huge willingness to suspend debt payments by poor countries who want to focus on fighting coronavirus pandemic
The International Monetary Fund headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US, April 8, 2019.
"Everybody understands that we need to help the poorest countries. There is a huge willingness - as in nobody is questioning that, absolutely nobody," he told Reuters in an interview. "I think we are in a good place to move forward." The World Bank and the IMF have begun disbursing emergency aid to countries struggling to contain the virus and mitigate its economic impact. They first issued their call for debt relief on March 25, but China - a major creditor - and other G20 nations have not formally endorsed the proposal.
The IMF-World Bank push for broader bilateral debt relief won significant backing over the past week, including from Pope Francis and the Institute of International Finance , which represents over 450 global banks, hedge funds and sovereign wealth funds. Van Trotsenburg said it was crucial that commercial creditors also provide debt relief for the poorest countries, which have also seen massive outflows of capital and a sharp drop-off in remittances by citizens living overseas.
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