G20 NATIONS PLEDGE $5-TRN INJECTION TO AID RECOVERY
COUNTERING CORONA:
The Group of 20 major economies will do “whatever it takes” to overcome the coronavirus crisis and said on Thursday they were injecting $5 trillion into the global economy through national measures as part of their efforts to lessen its impact. Pushed through targeted fiscal policy, economic measures, and guarantee schemes, the infusion will counteract the social, economic and financial impacts of the pandemic, according to a statement released after the G20 Leaders’ Summit.
The Group of 20, or G20, leaders on Thursday pledged to inject $5 trillion into the global economy to blunt the economic impact of the coronavirus pandemic.
The infusion — pushed through a targeted fiscal policy, economic measures, and guarantee schemes — will counteract the social, economic and financial impacts of the pandemic, according to a statement released after the G20 Leaders’ Summit.
“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 organisations to swiftly deliver the appropriate international financial assistance,” the statement said.
Held through videoconferencing, the Saudi Arabia-hosted summit also committed to expanding the manufacturing capacity to meet the increasing demand for medical supplies and ensuring these are made widely available, at an affordable price, on an equitable basis, where they are most needed and as quickly as possible.
Coordinated effort
Health ministers have also been mandated to meet, as needed, to share national best practices and develop a set of G20 urgent actions on jointly combating the pandemic, in their ministerial meeting in April.
The nations resolved to share timely and transparent information, exchange epidemiological and clinical data, share materials necessary for research and development, and strengthen health systems globally.
The summit also decided to pro
vide immediate resources to the World Health Organization’s (WHO’S) COVID-19 solidarity response fund, the coalition for epidemic preparedness and innovation