Reuters, the Financial Post, and other outlets quoted Eric LeCompte as G7 finance ministers backed an extension of a G20 temporary freeze in debt payments. Read more here.

 

G7 ministers back extension of debt freeze for poorest nations, urge reforms

by: Andrea Shalal, Tetsushi Kajimoto, Leigh Thomas

“Pressure is mounting on China,” said Eric LeCompte, a United Nations finance expert. “They’re being very specific here. All Chinese government entities should stop taking debt payments from poor countries.”

The ministers called again on private lenders to participate when requested, noting that their absence from the process has limited the potential benefits for several countries.

The G7 finance ministers’ backing for an extension will smooth the way for a decision by the larger G20, with a formal decision likely at their leaders’ summit in November.

Read more here.