May 3, 2020 / 2:27 PM / a month ago

Saudi minister urges private sector to ease poor nations' debt burden -FT

May 3 (Reuters) - Saudi Arabia Finance Minister Mohammed al-Jadaan on Sunday urged private creditors to match a move by the G20 major economies to suspend debt payments for the world’s poorest countries, freeing up funds to fight the coronavirus pandemic.

Many private creditors have indicated that they are seriously considering debt suspension, said current G20 chair al-Jadaan, adding that such a move has to be voluntary and the G20 countries should avoid imposing anything on private investors.

"Just as the world rallied to support the financial services industry in 2008 and 2009, financial institutions and other private creditors should follow the G20's example and consider what assistance and support they can now provide to the most vulnerable in the world," al-Jadaan wrote in an opinion piece here in the Financial Times.

The G20 economies agreed in April to suspend debt service payments for the world’s poorest countries through to the end of the year. (Reporting by Ismail Shakil in Bengaluru Editing by David Goodman )

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