Global lenders seek debt relief for poor countries hit by virus

World Bank chairman David Malpass (L) is welcomed by Japan's Prime Minister Shinzo Abe to the G20 Summit in Osaka on June 28, 2019. [AFP]

The heads of the World Bank and International Monetary Fund have underscored the need to provide debt relief to poorer countries hit by the coronavirus pandemic, and said official bilateral creditors will have to play a major role.

The IMF and World Bank have each launched emergency programmes to offer grants and loans to member countries, with a heavy focus on developing countries and emerging markets, some which are already in debt distress.