The G7 finance minister on Friday reported that they were in support of extending the G20 bilateral debt relief initiative for low-income countries in the world. However, the G7 stressed that its implementation should be reviewed to make this measure more effective.
In a joint statement, ministers from the seven economic groups or known as the G7 acronym expressed regret over the actions of some countries who did not want to be involved by classifying their state-owned institutions as commercial lenders.
The ministers also acknowledged that some countries would need further debt relief and urged the G20 major economies and Paris Club creditors to agree to the terms put forward ahead of next month's G20 finance ministers meeting.
Earlier, the European Union called for the G-20 agenda to focus on resolving the Covid-19 crisis and called on global powers to forge better cooperation in tackling the Covid-19 economic crisis.
Debt settlement is very much needed by countries in need.
