G20 Suspension Of Debt Payment To Benefit Zambia

A decision by the G20 to suspend debt repayments will benefit Zambia, according to the British High Commissioner.

Commenting on the move His Excellency Nicholas Woolley stated, “This landmark deal allows Zambia & certain other countries an historic opportunity to suspend and reprofile debt repayments to G20 & Paris Club countries (‘official creditors’).”

Woolley added that he was proud of the role the UK had played in achieving this agreement.

Earlier this week the G20 opted to suspend debt payments for the 77 poorest countries in the world in order to relieve pressure on their fight against the global pandemic.

The suspension will apply as of May 1 and run until the end of the year. According to media reports around $12 billion was due to be paid during this period across the 77 countries. An extension of the arrangement may also be considered.