April 15, 2020 / 2:31 PM / 4 months ago

G20 debt relief deal to run through year-end: source

WASHINGTON (Reuters) - An agreement by Group of 20 major economies to suspend official bilateral debt payments by the poorest countries will begin on May 1 and runs through the end of the year, a source familiar with the discussions said on Wednesday.

The agreement will be renewable thereafter, based on a joint analysis by the World Bank and the International Monetary Fund of the debt sustainability of those countries that receive debt relief, the source added.

G20 finance ministers and central bank governors agreed on Wednesday to proceed with the debt standstill that had been proposed by the IMF and the World Bank to help countries respond to the pandemic and mitigate its economic impact.

Reporting by Andrea Shalal; Editing by Chizu Nomiyama

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