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China calls for extended debt relief for poorest countries

Updated: Nov 21,2020 09:14 AM    Xinhua

BEIJING — China calls on multilateral creditors, like the World Bank, to explore various options to provide more support for the poorest countries in alleviating their debt burden, Finance Minister Liu Kun said.

While providing positive net inflows to the Debt Service Suspension Initiative (DSSI)-eligible countries, multilateral creditors should take part in the debt treatment process to help the poorest countries through the tough times, Liu said in an interview published on the website of the Ministry of Finance on Nov 20.

The G20 launched the DSSI in April to address the immediate liquidity needs of low-income countries as the COVID-19 pandemic added risks of debt vulnerability.

Multilateral creditors now have the lion's share of debt service payments owed by the poorest countries, said Liu, noting that they account for almost half of DSSI-eligible countries' total public and publicly guaranteed debt.

If the World Bank takes part in debt treatment through setting up a multilateral debt relief facility, China will positively consider providing donations to help ease the debt burden on the poorest countries, Liu said. 

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