Business, labor groups urge G20 to extend expand debt freeze for poorer countries

In an open letter to be published Monday, the groups said further steps were needed since the global economy was facing an even deeper downturn than projected in April, when the G20 and Paris Club of creditors announced a freeze in debt service payments for the world's 73 poorest countries through year-end.

WASHINGTON: The International Chamber of Commerce, a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout.

The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional steps to boost the participation of private creditors, who have been slow to engage.