Hedge funds and banks are not ready to give even temporary debt relief to one of the poorest countries in the world.
The African country wants to divert resources to take care of its people during the pandemic.
Even after pledges of support from bilateral, multilateral and private creditors, the continent faced a gap of around $44 billion, officials said.
In a matter of days, African leaders have made multiple appeals for financial aid to combat the impact of the Covid-19 pandemic.
As fears of a global recession grow as a result of the Covid-19 spread, African countries, along with the World Bank, have issued calls for a moratorium on debt payments.
Poor countries are saddled with billions in loans from rich countries, and the coronavirus threatens to trap them in a vicious cycle of debt.
European Commission President Jean-Claude Juncker says Greece has ‘basically achieved' its reform objectives, paving the way for country's debt relief.
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