IMF Managing Director Kristalina Georgieva speaks during a conference on economic solidarity, at the Vatican, February 5, 2020.
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REUTERS/Remo Casilli
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Anna Gelpern (PIIE), Sean Hagan (PIIE) and Adnan Mazarei (PIIE)

Low and middle-income countries burdened by debts need extra help in the COVID-19 crisis. The G20 should support an agreement between debtors and creditors (both official and private) for a temporary pause on debt payments, known as a standstill. In some cases, a majority of creditors can impose a standstill over the objections of the minority. A central coordination mechanism should also be set up to help develop longer-term sovereign debt strategies for these countries.

The Peterson Institute for International Economics will be closed to staff and visitors as of 6pm Friday, March 13. All PIIE personnel will work remotely, with access to telephone messages, until further notice.

Photo Credit: 
REUTERS/Remo Casilli