Manila, March 26 -- The World Bank Group (WBG) and the International Monetary Fund (IMF) on Wednesday urged creditors to suspend debt payments of the world's poorest countries in the wake of the coronavirus disease (Covid-19) pandemic.
In a joint statement on the eve of the G20 virtual summit on Covid-19, the institutions said the global crisis will have "severe economic and social consequences" in International Development Association (IDA) countries.
"IDA countries, [are] home to a quarter of the world's population and two-thirds of the world's population living in extreme poverty," read the statement.
IDA countries, which are currently 76 in number, had gross national income per capita under USD1,175 in 2020, according to the associat...