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G7 Finance Heads Back Debt Freeze Extension for Poorest Nations

G7
  • "To support our efforts to help the most vulnerable countries, we are implementing the G20-Paris Club Debt Service Suspension Initiative (DSSI) to suspend official bilateral debt payments for the poorest countries through end-2020," a statement released Friday said.
  • The G7 finance ministers' joint statement singled out China in all but name for lack of transparency in loans to poor nations. The G7 finance ministers call was hosted by US Treasury Secretary Steven Mnuchin. "In particular, we strongly regret the decision by some countries to classify large state-owned, government-controlled financial institutions as commercial lenders and not as official bilateral creditors, without providing comparable treatment nor transparency, thus significantly reducing the magnitude of the initiative and the benefits of the DSSI for developing countries," the statement said.
  • Statement here.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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