China proposes debt suspension to help developing countries recover

Kenyan labourers and a Chinese foreman work to finish the construction of a bridge at Nairobi National Park in Nairobi, Kenya. China hopes to work with other Group of 20 members to implement the Debt Service Suspension Initiative for the poorest countries. - AP

UNITED NATIONS (Xinhua): China on Thursday (May 28) called on multilateral and private creditors to take action and join debt suspension and relief for developing countries.

"Additional Special Drawing Rights provided by the International Monetary Fund (IMF) is also vital for easing the lack of liquidity in developing countries," according to a Chinese statement delivered at the virtual High-Level Event on Financing for Development in the Era of Covid-19 and Beyond.