G20 countries agreed on a final extension of the Debt Service SuspensionInitiative by six months till the end of December this year.

According to the details, a statement issued by the G20 states said thatmany economies around the world are facing a third wave of coronavirus.Owing to this situation loans from low-income countries have been deferredfor six months, to assist them to combat the COVID-19 pandemic.

This was announced in a communiqué after the virtual meeting of G20 FinanceMinisters and Central Bank governors with the IMF and the World Bank. Thisextension will allow beneficiary countries to mobilize more resources toface the challenges of the crisis due to Coronavirus pandemic.

The statement said that the vaccination process around the world usunderway, adding that G20 countries will provide assistance in the completerecovery of the affected economies.