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<p>Her Majesty’s Government is deeply concerned about the impacts of the COVID-19
pandemic on low-income developing countries. It is vital that all creditors work together
to ensure that countries especially vulnerable to the pandemic are able to protect
their citizens and economies.</p><p> </p><p>The Chancellor and his G20 counterparts
called on commercial creditors to participate in the G20 Debt Service Suspension Initiative,
which suspends payments due from the 77 poorest countries, on comparable terms to
the official sector.</p><p> </p><p>Her Majesty’s Government is working closely with
the Paris Club of official creditors and Institute of International Finance (IIF)
to facilitate private sector participation. On 28 May, the IIF published a Terms of
Reference to guide its members’ responses to DSSI-eligible requests for commercial
forbearance.</p>
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