Coronavirus outbreak: G20 leaders to inject $5 trillion into global economy

SAUDI ARABIA: Leaders of the Group of 20 major economies guaranteed to add more than $5 trillion into the globe economy to limit job and income losses from the coronavirus and “do whatever it takes to defeat the coronavirus outbreak.”

As per statement issued by G20 leaders, showing further harmony than at any time since the G20 was created during the 2008-2009 financial crisis, the leaders said they dedicated during a video conference summit to implement and fund all essential health steps required to control the pandemic spread.

They stated that the G20 is steadfast to work tougher with WHO and other international organizations to beat the outbreak.

Their statement contained the most appeasing G20 language on trade in years, undertaking to make sure the flow of vital medical supplies and other equipment across globe and to resolve supply chain disruptions.

The G20 leaders also expressed concern about the dangers to flimsy countries, particularly in Africa, and populations like refugees, recognizing the need to shore up global financial security nets and national health systems.

The G20 leaders said in their statement that they are strongly committed to offering a united platform against the common menace.

Saudi Arabia, the current G20 chair, called the video meeting amid earlier criticism of the group’s dawdling response to the pandemic.

READ MORE: Coronavirus pandemic: King Salman to chair virtual summit of G20 leaders

In opening remarks Saudi King Salman said G20 countries should restart the normal flow of supplies and services, including essential medical supplies, as soon as possible to assist re-establish confidence in the universal economy.

The group said it was “injecting more than $5 trillion into the global economy, as part of embattled fiscal strategy, economic steps and pledge schemes” to blunt economic fallout from the outbreak.

However, the US assistance bill is undertaking $2 trillion in fiscal spending, more than double its commitment from that crisis.

President Donald Trump said later the video conference showed “wonderful spirit to get this over with.”

Trump told a White House news briefing on the coronavirus outbreak that the G20 countries were keeping each other informed about their struggles to fight the epidemic.

READ MORE: Saudi Arabia becomes first Arab nation to take over the G20 presidency

Earlier, Trump and French President Emmanuel Macron agreed in a telephonic conversation on Thursday on the significance of collaboration through the G20 and other groupings to assist international organisations “eradicate the virulent disease rapidly and limit its economic impact,” the White House said.

Corona virus outbreak has infected more than 500,000 people across the global, killed about 24,000, and is likely to trigger a global depression.