World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva said in a joint statement that this is a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people. The also added that the World Bank Group and the IMF will move quickly to respond to the G20's request to support this action. The joint statement came after G20 finance ministers and central bankers agreed on Wednesday to "support a time-bound suspension of debt service payments for the poorest countries that request forbearance" following a teleconference meeting.