In one communicated Released earlier today, the world’s 20 largest economies agreed on a coordinated approach to provide immediate debt relief amid the COVID-19 crisis – with all official bilateral creditors participating in the initiative.

Commenting on the announcement, ICC Secretary General John WH Denton AO said:

“We commend the G20 Finance Ministers for this strong show of coordination. This is a very welcome first step to ensure countries have the fiscal space to fight COVID-19. No government should be placed in a position where it must choose between servicing sovereign debt and protecting the lives and livelihoods of its citizens.

Mr. Denton also stressed the need for further coordinated interventions from G20 finance to address the impacts of the crisis and enable a sustainable recovery in the medium term:

“Today’s statement is a positive step towards an effective financial response to the coronavirus pandemic, but additional coordinated action will undoubtedly be needed to address the economic fallout from COVID-19. We also need to see leadership from the G20 in crafting a comprehensive global recovery plan that delivers strong, sustainable, balanced and inclusive growth, which will require resolutely tackling long-standing global challenges – from inequality to climate change – if we want to keep the promise of political leaders to build back better after the crisis.