{"id":7526,"date":"2020-03-28T02:15:26","date_gmt":"2020-03-27T23:15:26","guid":{"rendered":"http:\/\/www.inversk.co.ke\/?p=7526"},"modified":"2020-03-28T02:15:26","modified_gmt":"2020-03-27T23:15:26","slug":"world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries","status":"publish","type":"post","link":"https:\/\/www.kenyanenterprise.com\/sites\/inversk-review\/article\/world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries\/","title":{"rendered":"World Bank, IMF Calls on G20 to Suspend Debt Payments for Poor Countries"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-large\" style=\"float:left\"><div class=\"counts mashsbcount\">474<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-large mash-center mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.kenyanenterprise.com%2Fsites%2Finversk-review%2Farticle%2Fworld-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Share<\/span><\/a><a class=\"mashicon-twitter mash-large mash-center mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.kenyanenterprise.com\/sites\/inversk-review\/article\/world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries\/&amp;via=enterprise_ke\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Tweet<\/span><\/a><a class=\"mashicon-subscribe mash-large mash-center mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-large mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><div class=\"mashsb-toggle-container\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The World Bank and International Monetary Fund (IMF) have called on the Group of Twenty (G20) to offer debt relief for the poorest countries in a bid to help them tackle challenges posed by Covid-19.<\/p>\n<p>In a joint statement on Wednesday, March 25, 2020, <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2020\/03\/25\/pr20103-joint-statement-world-bank-group-and-imf-call-to-action-on-debt-of-ida-countries\">the two organizations<\/a> noted that \u201cthe coronavirus outbreak is likely to have severe economic and social consequences for <a href=\"http:\/\/ida.worldbank.org\/about\/borrowing-countries\">IDA countries<\/a>, home to a quarter of the world\u2019s population and two-thirds of the world\u2019s population living in extreme poverty.\u201d<\/p>\n<p>It is in this regard that \u201cthe World Bank Group and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.\u201d<\/p>\n<p>The two organizations want G20 to task them in making \u201cthese 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.\u201d<\/p>\n<p>Once adopted, the debt relief \u201cwill help IDA countries with 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.&#8221;<\/p>\n<p>G20 was formed in 1999 and comprises of 19 countries as a central forum for international co-operation on financial and economic issues.<\/p>\n<p>As of 2020<\/p>\n<p>IDA constitutes of 76 countries that are eligible to receive IDA resources. Majority of these countries are in Sub-Saharan Africa,<\/p>\n<p>Eligibility for IDA support depends first and foremost on a country\u2019s relative poverty, defined as GNI per capita below an established threshold and updated annually ($1,175 in the fiscal year 2020).<\/p>\n<p>IDA also supports some countries, including several small island economies, that are above the operational cutoff but lack the creditworthiness needed to borrow from the International Bank for Reconstruction and Development (IBRD). Some countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as \u201cblend\u201d countries.<\/p>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-large\" style=\"float:left\"><div class=\"counts mashsbcount\">474<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-large mash-center mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.kenyanenterprise.com%2Fsites%2Finversk-review%2Farticle%2Fworld-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Share<\/span><\/a><a class=\"mashicon-twitter mash-large mash-center mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.kenyanenterprise.com\/sites\/inversk-review\/article\/world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries\/&amp;via=enterprise_ke\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Tweet<\/span><\/a><a class=\"mashicon-subscribe mash-large mash-center mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-large mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><div class=\"mashsb-toggle-container\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->","protected":false},"excerpt":{"rendered":"<p>The World Bank and International Monetary Fund (IMF) have called on the Group of Twenty (G20) to offer debt relief for the poorest countries in a bid to help them tackle challenges posed by Covid-19. In a joint statement on Wednesday, March 25, 2020, the two organizations noted that \u201cthe coronavirus outbreak is likely to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","sync_status":"","episode_type":"","audio_file":"","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","footnotes":""},"categories":[333,258],"tags":[173],"series":[],"episode_featured_image":"https:\/\/www.kenyanenterprise.com\/wp-content\/uploads\/2020\/03\/Kristalina-Georgieva-and-David-Malpass.jpg","episode_player_image":"https:\/\/www.kenyanenterprise.com\/wp-content\/plugins\/seriously-simple-podcasting\/assets\/images\/no-album-art.png","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"dark","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/www.kenyanenterprise.com\/feed\/podcast\/default-podcast","embedCode":"<blockquote class=\"wp-embedded-content\" data-secret=\"VFL9mIZO4j\"><a href=\"https:\/\/www.kenyanenterprise.com\/sites\/inversk-review\/article\/world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries\/\">World Bank, IMF Calls on G20 to Suspend Debt Payments for Poor Countries<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.kenyanenterprise.com\/sites\/inversk-review\/article\/world-bank-imf-calls-on-g20-to-suspend-debt-payments-for-poor-countries\/embed\/#?secret=VFL9mIZO4j\" width=\"500\" height=\"350\" title=\"&#8220;World Bank, IMF Calls on G20 to Suspend Debt Payments for Poor Countries&#8221; &#8212; Kenyan Enterprise\" data-secret=\"VFL9mIZO4j\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! 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