Mali secures Paris club debt relief under G20 deal

Some relief of the financial burden on developing countries is becoming a reality and one of the lucky beneficiaries is Mali as The Paris Club of creditor countries has agreed to suspend debt service payments from Mali and the Caribbean island of Dominica until the end of the year as part of a G20 debt relief deal.

The two countries are the first two to benefit from this new arrangement after the Group of 20 countries and Paris Club agreed to freeze the debt payments of the 77 poorest countries from May 1 through to the end of the year to free up cash for the fight against the Coronavirus pandemic.

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The Paris Club is an informal group of government creditors. It announced in a statement that its members will continue to coordinate closely with other concerned parties, especially if and when the time comes to consider extending the suspension.

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