FILE PHOTO: German Finance Minister Olaf Scholz of the Social Democratic Party (SPD) speaks during an interview with Reuters in Berlin, Germany, February 19, 2020. /Reuters
FILE PHOTO: German Finance Minister Olaf Scholz of the Social Democratic Party (SPD) speaks during an interview with Reuters in Berlin, Germany, February 19, 2020. /Reuters
German Finance Minister Olaf Scholz pledged an additional 3 billion euros ($3.4 billion) to the world's poorest countries through the International Monetary Fund's "poverty reduction growth trust."
The extra funding announced at a virtual meeting of the Group of 20 finance ministers is designed to help countries access long-term loans and overcome liquidity bottlenecks, especially during the coronavirus crisis, Germany's finance ministry said in a statement.
Germany is providing 8.7 billion euros in international aid in 2020 and 2021, the ministry said.
"Only together are we strong," Scholz said in a statement. "Germany is assuming responsibility in the international community. "
"With the additional funds we are setting a strong signal for solidarity and are assisting those especially suffering from the consequences of the pandemic."
(With input from agencies)