G7 Finance Ministers Pledge To Protect Economy Amid Coronavirus Crisis

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The finance ministers of G7 countries along with the central bank chiefs have reportedly vowed to “do whatever is necessary” to safeguard economy, jobs.

Written By Aanchal Nigam | Mumbai | Updated On:

The unprecedented outbreak of deadly Coronavirus has not only spread to more than 185 countries but has also taken a toll on the global economy. However, the finance ministers of G7 countries along with the central bank chiefs have reportedly vowed to “do whatever is necessary” to safeguard jobs, the economy from the disruption in the face of the pandemic on March 24. 

The assurance of G7 countries came as major cities have been put under lockdown and businesses have been shut in order to stem the spread of COVID-19. Countries including the UK, Australia, Japan, China among others have been forced to roll out emergency stimulus packages to protect their struggling economy.

Moreover, in a bid to support the ‘poorest and most vulnerable’ countries, the World Bank President David Malpass on March 23 urged the G-20 countries to let the poorest countries suspend all repayments of official bilateral credit amid coronavirus pandemic.

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‘Game of Chicken’

While in other countries, the rolling out of millions of dollars for a stimulus package to help businesses and healthcare facilities have not taken more than few sessions, currently the United States has not been able to end their partisan differences in their action to tackle pandemic. Senate leader Mitch McConnell has called it a “game of chicken” that Congress is rejecting a trillion-dollar proposal by the Senate to rescue the struggling economy of the United States on March 22.

As the countries stepping up their precautionary measures to lessen the impact of the deadly Coronavirus outbreak on their economy, Senate had tried to persuade the House of Representatives to pass the bill up to $2 trillion in the funding of the American families along with thousands of the shuttering businesses and critically under-equipped hospitals. 

However, Democrats said that the Republican proposal had sufficiently failed to protect millions of American workers during the crisis of the pandemic. The Republicans also lacked support in the Congress with at least five of their party being unable to attend the session due to quarantine-related issues. Despite the intense negotiations between both parties, the bill fell far short as the Senate roll call was reportedly 47-47 and it needed at least 60 votes to advance. 
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(With agency inputs)

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