South Korea will push back the debt repayment deadline for the poorest nations to the end of this year in a bid to provide support amid the coronavirus pandemic.

Finance Minister Hong Nam-ki made the announcement during a video conference call with the World Bank Group Development Committee on Friday.

He said South Korea will postpone debt payments for the least developed countries(LDCs) and member nations of the International Development Association.

Hong said that Seoul also supports the proposal by the World Bank and the International Monetary Fund to exempt liabilities for vulnerable countries.

He said movement restrictions need to be applied flexibly to allow essential logistical and personnel aid assistance to developing nations so they can restore their economies affected by the pandemic.

In the latest virtual meeting, the World Bank Group Development Committee discussed providing 14 billion dollars in COVID-19 emergency relief funds to developing nations.