IMF and World Bank conferences will be virtual only
The organisations are plagued by the current pandemic crises.
The annual meetings of the International Monetary Fund and the World Bank will be virtual this year as the meeting opens today amid the coronavirus crisis. The fund has warned that the recovery from COVID-19 will be protracted and uneven, which has led the G20 nations to extend a debt freeze on the world's poorest countries that will expire at the end of the year. Extending the Debt Service Suspension Initiative (DSSI) for another six months would bring another $ 6.4 billion in debt relief, rising to $ 11.4 billion by the end of 2021. The World Bank also wants borrowing to be reduced to prevent major impacts and is also urging banks and investors to provide relief to DSSI countries.