Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF) at the G20 Summit on Sunday called for prompt and effective implementation of a new framework set up to help poorer nations to reach permanent debt relief, adding that other countries needed help too, reported Reuters. 

The new framework for debt treatment was endorsed by the leaders of G20 nations on Sunday. It applies to 73 nations, which are eligible for a temporary freeze of debts in official bilateral payments, Reuters said. 

The G20 leaders have extended a debt service suspension initiative (DSSI) for developing countries until June next year. 

“It is critical to operationalise this Framework promptly and effectively,” Georgieva said in a statement after she addressed the leaders of the G20 nations.

The IMF head said, “Going forward, we must also help those countries not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient,” quoted Reuters.

The 15th G20 summit is being held virtually this time as Saudi Arabia is convening the event, the first Arab nation to do so. 

The G20 nations have contributed more than $21 billion to combat the coronavirus pandemic while they have injected $11 trillion to shore up the battered world economy, AFP reported quoting summit organisers.