In a big development, the G20 countries have injected $5 trillion into the global economy to deal with the economic, social and financial impact of COVID19 pandemic. The unprecedented COVID-19 has majorly affected countries like Italy, Spain, Jordan, Singapore, China, and Switzerland. The IMF and the Organization for Economic Cooperation and Development (OECD) also participated in the summit titled 'G20 Extraordinary Virtual Leaders' Summit on COVID-19'.
The official statement apprised about the injection of 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 pandemic.
"We are injecting over $5 trillion into the global economy. Collective G20 action will amplify its impact, ensure coherence, and harness synergies. 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," read the statement.
The statement also supported the extraordinary measures taken by the central banks and the regulatory and supervisory measures taken to ensure that the financial system continues to support the economy. Furthermore, it welcomed the steps taken by the IMF and the WBG to support countries in need of using all instruments to the fullest extent as part of a coordinated global response.
Kickstarting the virtual G20 Summit on Thursday, Saudi Arabia’s King Salman bin Abdulaziz Al Saud called upon member nations to form an effective and coordinated response to COVID-19 and restore confidence in the global economy. Mentioning that the novel coronavirus had caused tremendous suffering to many people around the world, he reaffirmed support for the WHO in coordinating the efforts to counter this pandemic. He observed that the G20 must take responsibility for financing the research and development of a vaccine for COVID-19. This emergency G20 Summit was convened by Saudi Arabia in the wake of the novel coronavirus crisis. PM Modi is also taking part in the Summit.
In his opening remarks, Saudi Arabia's King Salman also opined that the G20 member nations must extend help to developing the least developed nations. Citing the G20’s feat in mitigating the severity of the global financial crisis in the past, he exuded confidence that the future would be positive for mankind. Furthermore, he called for the early resumption of the normal flow of goods and services to send a strong signal to the global economy.
First detected in Wuhan in December 2019, COVID-19- the novel coronavirus has affected 197 countries in the world. Presently, there are 4,16,686 confirmed cases of COVID-19 which has led to the death of 18,589 people. As there is no vaccine or specific antiviral medicine to deal to treat COVID-19, countries have been grappling with all possible mechanisms to contain its scope. So far, China, Italy, the US, and Spain have witnessed the most number of confirmed cases of the novel coronavirus. India has recorded 593 active novel coronavirus cases till now.