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At G20, Germany pledges 3 billion euros for poor countries

At G20, Germany pledges 3 billion euros for poor countries

Sunday, July 19, 2020, 09:41 GMT+7
At G20, Germany pledges 3 billion euros for poor countries
German Chancellor Angela Merkel addresses the Civil20 summit, bringing together civil society organisations from over 50 countries to discuss its recommendations to the G20 in Hamburg, Germany, June19, 2017. Photo: Reuters

BERLIN -- Germany pledged 3 billion euros ($3.4 billion) at a meeting of G20 finance ministers to help the world’s poorest countries, the finance ministry said on Saturday.

The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT).

In April, IMF officials said they had received pledges of a combined $11.7 billion from Australia, Japan, Canada, France and Britain to replenish the PRGT. The United States has not yet pledged any money for the programme.

“With the funds ... low-income countries can receive greatly discounted loans and bridge liquidity bottlenecks,” the German finance ministry said.

It added that Germany will provide a total of 8.7 billion euros for international aid measures in 2020 and 2021.

Reuters

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