URGENT: G-20 agrees on partial debt waiver for poor nations amid pandemic

Finance chiefs of the Group of 20 major economies agreed Friday to forgive part of the debts owed by developing countries as a further step to support them in fighting the coronavirus pandemic.In a statement released after their virtual meeting, the G-20 finance ministers and central bank governors said, “Specific consideration will be given to the fact that each participating creditor shall fulfill its domestic approval procedures in a timely manner,” if a “debt write-off or cancellation is necessary.”

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HEDGE accordingly