The group of seven advanced countries is supporting extension of a G20 bilateral debt relief initiative for the world’s poorest countries.
In a lengthy joint statement on Friday, the G7 finance ministers said the initiative must be revised for better implementation.
However, the G7 “strongly” regretted moves by some countries to skip participation by classifying their state-owned institutions as commercial lenders.
The ministers also acknowledged that some countries would need further debt relief going forward, and urged the G20 major economies and Paris Club creditors to agree on terms by next month’s meeting of G20 finance ministers.
On April 15, 2020, the G20 finance ministers agreed to a “time-bound suspension of debt service payments” for 77 of the world’s most needy countries, who belong to the International Development Association.
Approximately, $12bn was due for payment from May 1, 2020, to year end.
The G7 is an international inter-governmental economic organisation consisting of seven major developed countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America.
