G20 to extend debt freeze for poorest nations

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    BRUSSELS/WASHINGTON/LONDON – The G20 group of major economies is poised to extend a multibillion-dollar debt freeze for the world’s poorest countries to help them weather the coronavirus crisis, and may adopt a common approach to dealing with longer-term debt restructurings.

    Finance ministers and central bankers from China, the United States and other G20 countries mapped out their plans in a draft communique seen by Reuters on Tuesday, and are due to finalize the wording when they meet online early Wednesday.

    Preparatory meetings among G20 deputies involved “intense” discussions, according to multiple sources familiar with the talks, noting that China, Turkey and India had balked at language that would lock them into future debt writeoffs.