World Bank calls for debt relief programme as amounts owed hit record levels

Debt of 73 low-income countries at end of 2019 was up 9.5% on previous year

The World Bank has stepped up its call for a comprehensive programme of debt relief after revealing that the amount owed by the poorest countries was at record levels even before the onset of the Covid-19 crisis.

Statistics released by the Washington-based institution showed that the external debt of the 73 countries currently eligible to have this year's repayments suspended stood at $744bn (568bn) at the end of 2019 - an increase of 9.5% on 2018.

Formed in 1999, the G20 is a group featuring 19 of the world's largest economic powers and the European Union. It was formed in the wake of financial crises in the late 90s, with a view to providing some governance for the global economy. Since 2008 it has held an annual leaders' summit.