(VOVWORLD) - G7 finance ministers on Friday backed an extension of a G20 temporary freeze in debt payments and recognized the need for broad debt relief in the future.
The G20 Debt Service Suspension Initiative (DSSI), approved in April, is aimed at helping developing countries get G7 finance ministers through the fallout from the coronavirus pandemic.
The G7 ministers have called on the IMF and WB to regularly update the financial status of low income countries.
So far, the initiative has helped 43 countries defer 5 billion USD in official debt service payments. Its initial target is to help 70 countries deter their debts worth about 12 billion USD.