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<p>The UK Government continues to engage very closely and regularly with the international
community, the World Bank, and the IMF, to respond to the economic impacts of the
Covid-19 pandemic. G7 Finance Ministers continue to convene on a regular basis to
work together on critical economic issues, and G20 Finance Ministers will next meet
on 19 July to continue to coordinate the international response to the pandemic.</p><p>
</p><p>The UK recently led the development of the G20 Action Plan, which brings together
ambitious and wide-ranging commitments to address the economic impact of the virus.
As part of this, the Chancellor and his G20 counterparts, in close consultation with
the World Bank and the IMF, agreed to a temporary suspension on debt service repayments
from the poorest countries. We are working closely with G20 partner countries and
international organisations (including the IMF and World Bank) to monitor the implementation
of the Action Plan and ensure it maintains efficacy. The UK Government will also work
through the G20 and Paris Club of official creditors to monitor sovereign debt vulnerabilities
in developing countries closely.</p><p> </p><p>To ensure that the most vulnerable
are able to successfully respond to the crisis, the UK has also committed up to £150m
to the IMF’s Catastrophe Containment and Relief Trust. This will suspend upcoming
IMF obligations for the poorest countries, allowing them to better respond to Covid-19.</p>
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