In Line with G20 Agreement

South Korea has decided to suspend debt service payments for the poorest nations through the end of this year to help them fight the coronavirus pandemic.

Finance Minister Hong Nam-ki made the announcement during a video conference call with the World Bank Group Development Committee on April 17.

He said South Korea will freeze debt service payments for the least developed countries (LDCs) and member nations of the International Development Association by the end of this year.

Hong said that Seoul also supports the proposal by the World Bank and the International Monetary Fund to exempt liabilities for vulnerable countries.

Finance ministers and central bank governors of the G20 agreed on the debt freeze for the world's poorest nations at a video conference meeting on April 15. 

 

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