G-20 COUNTRIES EYE DEBT WRITE-OFF

Finance chiefs of the Group of 20 major economies agreed to forgive part of the debts owed by developing countries as a further step to support them in fighting the coronavirus pandemic.

In a statement released after their virtual meeting, the G-20 finance ministers and central bank governors said, "Specific consideration will be given to the fact that each participating creditor shall fulfill its domestic approval procedures in a timely manner," if a "debt write-off or cancellation is necessary."