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G7 backs extension of debt freeze

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G7 finance ministers on Friday backed an extension of a G20 bilateral debt reduction initiative for the world’s poorest nations, however mentioned it should be revised to deal with shortcomings hindering implementation.

In a joint assertion, the ministers mentioned they “strongly regret” strikes by some nations to skip participation by classifying their State-owned establishments as business lenders. Two officers from G7 nations mentioned the reference was focused at China, which has refused to incorporate loans by the state-owned China Development Bank and different government-controlled entities when coping with nations looking for debt reduction.



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