IslamicFinance.de

On May 1 G20 nations gave debtors a payment holiday until the end of the year, giving developing nations more time to pay for healthcare during the pandemic. Despite more than 100 countries applying to the International Monetary Fund for emergency aid, the IMF and World Bank have not been so generous, insisting nations keep repaying interest on debt. Saudi Finance Minister Mohammed al-Jadaan said private institutions are owed $18bn by the world's poorest nations this year. If they were to suspend half that amount, that would provide an additional $9bn to fight COVID-19.