Africa Business Radio

The IMF urged advanced economies in the G20 to extend and improve its debt relief initiative, warning that many countries face a dire crisis without the help. IMF chief Kristalina Georgieva says they may see an economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated to add that it is critical private creditors also offer relief. She says the G20 Debt Service Suspension Initiative expires at the end of the year, and without a renewal, countries could face financial pressure and spending cuts just as new Covid-19 variants are spreading and interest rates are expected to rise.