WASHINGTON, United States (CMC) — Several Caribbean Community (CARICOM) countries are among 76 named by the International Monetary Fund (IMF) and the World Bank for a suspension of debt payments as a result of COVID-19.

In a joint statement, Wednesday, the IMF and the World Bank said that they have made representation to the G20 countries concerning debt relief for the poorest countries.

“The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.”

Among the International Development Association (IDA) countries named by the two Washington based financial institutions are Dominica, St Vincent and the Grenadines, Grenada, Guyana, Haiti and St Lucia.

They said eligibility for IDA support depends first and foremost on a country’s relative poverty, defined as gross national income (GNI) per capita below an established threshold and updated annually at US$$1,175 in fiscal year 2020.

“IDA also supports some countries, including several small island economies, that are above the operational cut off but lack the creditworthiness needed to borrow from the International Bank for Reconstruction and Development (IBRD).”

The IMF and the World Bank said that “with immediate effect, and consistent with national laws of the creditor countries, “the World Bank Group (WBG) and the International Monetary Fund call on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.

“This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country.”

The two financial institutions say they were inviting G20 leaders to task the WBG and the IMF to make these assessments, including identifying the countries with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors to address both the financing and debt relief needs of IDA countries.

They said they will seek endorsement for the Proposal at the Development Committee during the Spring Meetings scheduled for (April 16–17).

“The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets. The international community would welcome G20 support for this Call to Action,” they added.