WASHINGTON (Reuters) – Private sector participation will be essential to ensuring the success of a debt relief initiative launched by the Group of 20 major economies for the world’s poorest countries, the chief economist of the International Monetary Fund said on Monday.

The G20’s offer to suspend collection of official bilateral debt service payments from the poorest countries would likely need to be extended beyond the end of the year, Gita Gopinath also told an online event hosted by the Center for Strategic and International Studies think tank.

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