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G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries
G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries

KONTAN.CO.ID - WASHINGTON/PARIS. G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries, but said it must be revised to address shortcomings hindering its implementation.

In a lengthy joint statement, the ministers from the Group of Seven advanced economies said they "strongly regret" moves by some countries to skip participation by classifying their state-owned institutions as commercial lenders.

Two officials from G7 countries said the reference was clearly targeted at China, which has refused to include loans by the state-owned China Development Bank and other government-controlled entities in its official bilateral debt totals when dealing with countries seeking debt relief.

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