G20 agrees on poor states’ debt

G20 finance ministers have agreed, for the first time, on a new joint framework for restructuring government debt in anticipation that the coronavirus crisis will leave some poor countries in need of deep relief.

The Covid-19 pandemic is straining the finances of some developing countries and the G20 ministers said on Friday that they recognised that more would need to be done to help them than a current temporary debt freeze, which will be extended until June 30, 2021.