For the first time China holds the key to helping debt-ridden poor countries
on Wednesday, the World Bank and IMF requested creditor nations to stop collecting debts from 76 poor countries, which have a per capita annual income of less than $1,175. include most of Africa and debt-ridden states such as Pakistan and Bangladesh. The multilateral lenders have requested that interest payments be suspended with immediate effect.
“It is very welcome that both Pakistan and African finance ministers have collectively called for a moratorium on interest payments,” says Jones. Lawmakers in Ecuador, which drives most of its export revenue from oil, have called for a suspension of debt repayments as it deals with the coronavirus, which has killed 27 people there.
In just five years between 2012 and 2017, the average external debt as a percentage of the GDP of low-income developing countries surged to 50 percent from 30.35 percent.
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