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<p>The government is deeply concerned about the impacts of the COVID-19 pandemic on
low-income developing countries. In this time of crisis, it is vital that creditors
work together to ensure that countries especially vulnerable to the pandemic are able
to protect their citizens and economies. The Chancellor joined his G20 counterparts
in committing to a temporary suspension on debt service repayments from the poorest
countries. The government will continue to work through the G20 and Paris Club of
official creditors to monitor sovereign debt vulnerabilities in developing countries
closely.</p><p> </p><p>At Budget, the Chancellor announced a leading contribution
of up to £150m to the IMF’s Catastrophe Containment and Relief Trust, which will provide
the world’s poorest countries relief on IMF repayments. And we have committed to double
our existing £2.2bn loan to the IMF’s Poverty Reduction and Growth Trust to provide
financial assistance to its poorest and most vulnerable members in their fight against
COVID-19.</p><p> </p><p>More broadly, the UK recently led the development of a G20
Action Plan to support the global economy though the COVID-19 pandemic. The Chancellor
will continue his regular engagement with his G20 counterparts on the international
community’s response to COVID-19.</p>
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