China Says Debt Payments Paused for 77 Nations After G-20 Deal

(Bloomberg) -- The Chinese government said it has agreed to delay debt repayments for low-income countries, as part of the Group of 20 nations debt relief program.

The country has suspended debt repayments from 77 developing countries and regions, Ma Zhaoxu, Vice Minister of Foreign Affairs, said at a State Council briefing Sunday in Beijing. In April, the G-20 agreed to provide temporary debt relief to the world’s poorest nations, with the moratorium starting May 1.

In addition to the debt holiday, China has pledged to provide $2 billion to help other countries respond to the impact of the coronavirus pandemic, including $50 million donated to the World Health Organization, Ma said.

Ma didn’t provide any details on the terms of the debt relief.

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