THE World Bank Group and the international Monetary Fund (IMF) has called on bilateral creditors to suspend debt payments from IDA countries that request forbearance.
The International Development Association (IDA) is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries.
This is to help with IDA countries immediate liquidity to tackle challenges posed by the Coronavirus pandemic.
The Brentwood institutions also called on the G20 leaders to task the World Bank and IMF to make assessments including identifying countries with unsustainable debt situations and prepare Comprehensive action by official creditors to address both the financing and debt relief needs to the IDA countries.
The two institutions said it was imperative to relief for developing countries as well as a strong signal to financial markets.