G20 leaders to inject 5 trillion dollars into global economy

Riyadh (dpa) - The leaders of the world's 20 largest economies (G20) vowed to inject more than 5 trillion dollars into the global economy, as part of their coordinated response to the coronavirus pandemic.

"We are injecting 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," read the statement released after the conclusion of the virtual meeting led by Saudi Arabia.

Finance ministers and central bank governors of the G20 countries will coordinate and work closely with international organizations to develop and deliver "appropriate international financial assistance."

The leaders also plan to expand manufacturing capacity to meet the increasing needs for medical supplies amid the novel coronavirus outbr

Saudi King Salman, said on the eve of the summit that the aim is to “unify” efforts against the virus.
“We at the Group of 20 will meet for an extraordinary summit to come up with initiatives fulfilling our people’s ambitions, enhancing the role of our governments and unifying our efforts in confronting this pandemic,” he said.
Saudi Arabia holds the presidency of the G20 this year.
Leaders of Spain, Jordan, Singapore, and Switzerland will also join the meeting as well as the United Nations, World Bank, the World Health Organization, according to Saudi media.
Regional organizations, such as the Association of Southeast Asian Nations (ASEAN), the African Union, the Gulf Cooperation Council (GCC) and the New Partnership for Africa's Development (NEPAD), will each be represented by the country leading the group.
The G20 covers two-thirds of the global population, representing 85 per cent of global economic output and 75 per cent of global trade.
The group comprises 19 leading economic powers and the European Union.


Thursday, March 26th 2020

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