IMF, WB urge creditors to suspend debt payments of developing countries

ISLAMABAD: World Bank and International Monetary Fund (IMF) have urged its bilateral creditors to suspend debt payments from the International Development Association countries to help them combat the COVID-19 pandemic.

Pakistan being part of IDA countries, will also get a marginal benefit if the creditor countries agree to the joint proposal of IMF and the World Bank.

In a joint statement, the World Bank Group and the IMF said the coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, which are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

The statement said the proposal is likely to be endorsed by the Development Committee during its spring meetings to be held on 16th and 17th of next month.