World Bank, IMF urge debt relief for poorer countries hit by coronavirus

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

World Bank president David Malpass speaks at the annual meetings of the International Monetary Fund and World Bank in Washington, U.S., October 18, 2019. [REUTERS/James Lawler Duggan]

The IMF and the World Bank have both launched emergency programs to offer grants and loans to member countries, with a heavy focus on developing countries and emerging markets, some of which are already in debt distress. They have also called on official bilateral creditors to provide immediate debt relief to the world’s poorest countries.