July 18, 2020 / 3:14 PM / 17 days ago

At G20, Germany pledges 3 billion euros for poor countries

BERLIN (Reuters) - Germany pledged 3 billion euros ($3.4 billion) at a meeting of G20 finance ministers to help the world’s poorest countries, the finance ministry said on Saturday.

The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT).

In April, IMF officials said they had received pledges of a combined $11.7 billion from Australia, Japan, Canada, France and Britain to replenish the PRGT. The United States has not yet pledged any money for the programme.

“With the funds ... low-income countries can receive greatly discounted loans and bridge liquidity bottlenecks,” the German finance ministry said.

It added that Germany will provide a total of 8.7 billion euros for international aid measures in 2020 and 2021.

Reporting by Christian Kraemer and Andrea Shalal; Writing by Tom Sims; Editing by Kevin Liffey and Hugh Lawson

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