Sri Lanka seeks debt-standstill for COVID-19 hit countries

COLOMBO (News1st): Sri Lanka's state minister of money and capital markets has urged financial institutions to offer all emerging and developing countries a debt standstill for 2021. "It will enhance global economic and financial stability, which is a pre-requisite for sustainable development," state minister Ajith Nivard Cabraal said. He made these remarks during a meeting of Finance Ministers at the United Nations Conference on Sustainable Development. Cabraal pointed out that such a move involving the International Monetary Fund and the World Bank, will allow governments to assist their people. He noted that a debt-standstill is required for developing nations that are in a vulnerable condition due to the COVID-19 pandemic. The state minister said that failing to grant a debt standstill may cause vulnerable economies to collapse, affecting global economic stability as well.