Finance chiefs from the Group of Seven industrialized nations have agreed to provide debt relief to help developing countries finance emergency measures against the spread of the new coronavirus.
The G7 finance ministers and central bank governors said after a video conference late Tuesday that they would suspend debt payments owed by "the most vulnerable and poorest countries" to others if all Group of 20 economies support the move.
"Ministers and governors support multilateral efforts to assist these countries and stand ready to provide a time-bound suspend on debt service payments," they said in a summary issued by the chair, the United States. "The scale of this health crisis is generating unprecedented challenges for the global economy."