PARIS: The Paris Club of creditor nations have so far waived $1.1 billion euros of debt servicing payments due this year from some of the world’s poorest countries under a G20 deal and more relief is on the way soon, the group said on Wednesday.

The Paris Club said it had agreed to suspend interest and principal repayments from Chad, Ethiopia, Pakistan and Republic of Congo in the latest wave of countries given some financial leeway to help them focus on fighting the coronavirus pandemic.

The Group of 20 leading economies and the Paris Club, an informal group of state creditors coordinated by the French finance ministry, agreed in April to freeze debt payments of the 77 poorest countries this year.

The latest agreements bring to 12 the number of countries to receive debt relief under the deal, with a total of $1.1 billion in debt coming due this year deferred to 2022-2024, the Paris Club said.

Published in Dawn, June 11th, 2020