The G-20 countries yesterday pledged to inject over $5 trillion into the global economy to counter the social, economic and financial fallout of the COVID-19 pandemic. In a statement issued after the extraordinary G-20 virtual summit, its leaders said they will continue with bold and large-scale fiscal support, which will amplify the actions’ impact and ensure coherence.
The pandemic has affected at least 170 countries and caused over 21,400 deaths.The G-20 countries have pledged to inject over $5 trillion into the global economy to counter the social, economic and financial fallout of COVID-19. In a statement issued after the extraordinary G-20 virtual summit, its leaders said they will continue with bold and large-scale fiscal support, which will amplify the actions' impact and ensure coherence.#
The leaders said 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.
The leaders also asked their 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.
Welcoming the steps taken by the International Monetary Fund (IMF) and the World bank Group to support countries, the leaders asked the two financial institutions to regularly update the G20 on the impact of the pandemic, their response and policy recommendations.
"We will continue to address risks of debt vulnerabilities in low-income countries due to the pandemic. We also ask the International Labour Organization (ILO) and the Organisation for Economic Cooperation and Development (OECD) to monitor the pandemic's impact on employment," the statement said.
“We must work together now to set the stage for a recovery that builds a more sustainable, inclusive and equitable economy, guided by our shared promise — the 2030 Agenda for Sustainable Development”, United Nations secretary general António Guterres said.
“Particularly critical is the targeted fiscal support to vulnerable households and to large and small businesses, so they can stay afloat and get quickly back to work. Otherwise it will take years to overcome the effects of widespread bankruptcies and layoffs,” IMF managing director Kristalina Georgieva told the virtual meeting.
Saudi Arabia, which currently holds the G20 presidency, chaired the leaders' extraordinary virtual summit.
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