G20 Agrees to Temporary Debt Standstill For Poorest Countries

The Group of 20 nations announced support on Wednesday for a temporary halt to debt payments by the world's poorest nations as they struggle to deal with the coronavirus pandemic.

"We support a time-bound suspension of debt service payments for the poorest countries that request forbearance," the G20 finance ministers and central bankers said in a communique following their virtual meeting.

"All bilateral official creditors will participate in this initiative." The group also called on private creditors, working through the Institute of International Finance, to participate in the initiative.