The Finance Ministers of the world’s top 7 developed industries (G7) agreed to support the initiative of the world’s top 20 developed and emerging economies (G20) on rescheduling debts for The poorest country in the world, but said this measure needs to be adjusted for better implementation.

In a joint statement issued after the meeting, G7 finance ministers were "truly sorry" that some countries did not classify state entities as commercial lenders.

The statement reiterates a call for private creditors to participate in debt rescheduling for the world’s poorest countries.

The G7 finance ministers emphasized that some countries should continue to have , and at the same time urged the G20 and creditors of the Paris Club to agree on terms of this before the Finance Ministers Meeting. takes place next month.

Also in the online conference chaired by US Treasury Secretary Steven Mnuchin, the G7 finance ministers emphasized their commitment to supporting the world’s poorest and most vulnerable countries, which are severely affected. by the epidemic of acute respiratory infections , as well as the proposal of the International Monetary Fund (IMF) and the World Bank (WB) to regularly update the financial needs of low-income countries.

According to G7 finance ministers, the Debt Settlement Initiative (DSSI), initiated by the G20 and approved in April, has helped 45 countries slow to pay off official debts, worth 5 billion. USD, to have money to deal with pandemic.

However, the DSSI initial estimate could help more than 70 countries relax their debts, with a total value of 12 billion USD. Therefore, the finance ministers think it is necessary to extend the DSSI, as well as introduce a new term and memorandum to better implement this initiative.