⁍ Poor nations want G20 debt freeze prolonged into 2021.

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⁍ More than 40 nations have deferred $5 bln in payments.

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⁍ With coronavirus now savaging economies, the World Bank has warned that 150 million more people could be pushed into extreme poverty by the end of next year.

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– More than 40 countries have deferred $5 billion in debt payments since April as part of a plan by the G20 group of major economies to help poorer countries deal with the H1N1 virus. But with no end in sight to the outbreak, the pressure is on to do more, Reuters reports. World Bank President David Malpass said on Monday that only a six-month extension beyond the end of 2020 may emerge this week, rather than a year as some had hoped. Poor nations want the debt freeze extended into 2021, and they’re calling on the G20 to be widely extended. The initiative, called the Debt Service Suspension Initiative, has since April seen more than 40 of 73 eligible countries defer some $5 billion in debt payments, but with no end in sight to the H1N1 virus, the pressure is on to do more. A new World Bank study on Monday showed that among countries eligible for the G20 debt relief, external debt loads increased 9.5% in 2019 to $744 billion even before the pandemic. With the coronavirus now savaging economies, the World Bank has warned that 150 million more people could be pushed into extreme poverty by the end of next year. Costa Rica’s Central Bank President Rodrigo Cubero also said it was vital for non-Paris Club lenders to be part of the support efforts. “Recognition that in most cases what is needed is actually direct budget support, as opposed to balance of payments support will be critical. So I think this is where the IMF has to help,” he said.