World Bank, IMF urge debt relief for poorest countriesMarch 26, 2020 - 15:00 AMT PanARMENIAN.Net - The World Bank Group and the International Monetary Fund have issued a joint statement to the G20 calling for debt relief for the poorest countries as the world is battling to stop the spread of the novel coronavirus. The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty. The IDA (International Development Association) is the part of the World Bank that helps the world's poorest countries. In the statement, the WB Group and the IMF are urging all official bilateral creditors to suspend debt payments from IDA countries that request forbearance. "This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country," the statement said. "We invite G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors to address both the financing and debt relief needs of IDA countries. We will seek endorsement for the Proposal at the Development Committee during the Spring Meetings (April 16–17)." The number of confirmed cases of people with coronavirus across the world has surpassed 472,000, over 21,000 people have died, while more than 114,000 have recovered, according to information provided by international research groups. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh. Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts. |