At G20, Germany pledges 3 bln euros for poor countries

Global Economy

Reuters
18 July, 2020, 10:05 pm
Last modified: 18 July, 2020, 10:07 pm
The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT)

Germany pledged 3 billion euros (£3.09 billion) at a meeting of G20 finance ministers to help the world's poorest countries, the finance ministry said on Saturday.

The funds will be made available as long-term loans for the International Monetary Fund's Poverty Reduction and Growth Trust (PRGT).

In April, IMF officials said they had received pledges of a combined $11.7 billion from Australia, Japan, Canada, France and Britain to replenish the PRGT. The United States has not yet pledged any money for the programme.

"With the funds ... low-income countries can receive greatly discounted loans and bridge liquidity bottlenecks," the German finance ministry said.

It added that Germany will provide a total of 8.7 billion euros for international aid measures in 2020 and 2021.

Related Topics

World+Biz

Germany / IMF / G20 / Poor countries

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.