Germany Pledges Extra 3 Billion Euros for Global Aid at G-20

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German Finance Minister Olaf Scholz pledged an additional 3 billion euros ($3.4 billion) to the world’s poorest countries through the International Monetary Fund’s “poverty reduction growth trust.”

The extra funding -- announced at a virtual meeting of the Group of 20 finance ministers -- is designed to help countries access long-term loans and overcome liquidity bottlenecks, especially during the coronavirus crisis, Germany’s finance ministry said in a statement. Germany is providing 8.7 billion euros in international aid in 2020 and 2021, the ministry said.

“Only together are we strong,” Scholz said in a statement. “Germany is assuming responsibility in the international community. With the additional funds we are setting a strong signal for solidarity and are assisting those especially suffering from the consequences of the pandemic.”

©2020 Bloomberg L.P.

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