G-20 Agrees on More Debt Relief for Developing Nations

Economy

Tokyo, Nov. 13 (Jiji Press)--Finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies in a videoconference Friday agreed on additional relief measures for external debts owed by developing countries.

Amid the novel coronavirus pandemic, the G-20 members have been working on extending debt repayment deadlines for developing countries that are financially vulnerable.

With the virus crisis resurging globally, the G-20 countries agreed to partially or fully exempt debtor nations from repayments of principal and interest payments on debts they owe to the private sector, as well as to the public sector.

From Japan, Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda took part in the online meeting.

"This is a historic agreement," Aso told a press conference after the meeting. The biggest achievement is that the agreement includes government-affiliated financial institutions, Aso said, noting that China has so far refused to disclose data on loans at such lenders based on its claim that they are private-sector bodies.

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Jiji Press