The G20 nations today vowed to inject over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the novel Coronavirus (Covid-19) pandemic.
“We will continue to conduct bold and large-scale fiscal support. Collective G20 action will amplify its impact, ensure coherence, and harness synergies,” said the G20 leaders in a statement following an extraordinary G20 Leaders’ virtual summit.
The summit was held under the chairmanship of Saudi Arabia’s King Salman bin Abdulaziz Al Saud.
“The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth. We ask our finance ministers and central bank governors to coordinate on a regular basis to develop a G20 action plan in response to COVID-19 and work closely with international organizations to swiftly deliver the appropriate international financial assistance,” the leaders said.
The unprecedented COVID-19 pandemic is a powerful reminder of our interconnectedness and vulnerabilities. The virus respects no borders.
Combating this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity, they said.
“We are strongly committed to presenting a united front against this common threat. We are deeply saddened by the tragic loss of life and the suffering faced by people around the world. Tackling the pandemic and its intertwined health, social and economic impacts is our absolute priority,” the statement said.
It expressed its gratitude and support to all front-line health workers.
The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organization (WHO), International Monetary Fund (IMF), World Bank Group (WBG), United Nations (UN), and other international organizations, working within their existing mandates, the statement said.
“We are determined to spare no effort, both individually and collectively, to:
Protect lives; safeguard people’s jobs and incomes; restore confidence, preserve financial stability, revive growth and recover stronger,” the G20 leaders vowed.
They will also work to minimize disruptions to trade and global supply chains; provide help to all countries in need of assistance; and coordinate on public health and financial measures.
TradeArabia News Service