IMF warns of 'economic collapse' unless G20 extends debt relief

The IMF on Thursday urged advanced economies in the G20 to extend and improve its debt relief initiative, warning that many countries face a dire crisis without the help.

"We may see economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated," IMF chief Kristalina Georgieva said in a blog, adding that it is critical private creditors also offer relief.