G20 virtual summit 2020: G20 leaders pledge to inject $5 trillion into global economy to reduce COVID-19 impact

G20 virtual summit 2020: Prime Minister Narendra Modi participated in the ‘Extraordinary Virtual G20 Leaders’ Summit’ on coronavirus pandemic through video conferencing on March 26, 2020. 

The virtual summit was planned by Saudi Arabia, which is the current chair of the group, to discuss the global challenges posed by the coronavirus outbreak and to come up with a coordinated response. For the first time, the group of major 20 economies in the world convened virtually to discuss a global crisis.

The Prime Minister tweeted saying that the G20 has an important global role to play in combating the COVID 19 pandemic and that he looks forward to productive discussions.

Virtual G20 summit

The G20 leaders pledged to inject $5 trillion into the global economy to reduce the economic impact of the coronavirus pandemic.

The leaders agreed to take all the required steps to contain the coronavirus pandemic and extend support to strengthen WHO’s mandate in the fight against pandemic including delivery of diagnotic tools, treatments, medical supplies and vaccines.  

They also agreed to use all the available policy tools to minimise the economic and social cost of the outbreak and restore global growth, strenthen market resilience and stability.

Besides their USD 5 trillion, the leaders also agreed to contribute to WHO’s COVID-19 Solidarity Response Fund on voluntary basis. 

The G20 leaders issued a statement at the end of the summit calling for a coordinated global response to fight the coronavirus pandemic and adopting measures to protect the global economy, minimise disruptions in trade and take steps to enhance global coordination.

PM Modi’s speech in G20 summit: Key Highlights

Prime Minister Narendra Modi noted the rising social and economic cost of COVID-19 pandemic and added that 90 percent of the coronavirus cases and 88 percent deaths were in G20 nations, which share about the 80 percent of the world’s GDP and 60 percent of the world’s population. 

PM Modi called on the G20 nations to come up with a concrete action plan to fight coronavirus. He further highlighted the need to put people at the centre of the vision of global prosperity and cooperation and  freely and openly share the benefits of medical research and development and develop responsive and humane health care systems.

The Prime Minister also stressed on the importance of promoting new crisis management procedures and protocols to enable the creation of an interconnected global village and strengthen and reform intergovernmental organisations like WHO and work together to reduce economic hardships resulting from COVID-19 particularly for the economically weaker sections.

The Prime Minister called on the leaders to help bring in a new era of globalisation for the well-being of all humankind and have multilateral focus on promoting shared interests of humanity.

Background 

The extraordinary virtual G20 Summit was a culmination of the meeting of the G20 Sherpas, finance ministers and central bank governors on the COVID-19 pandemic. The Coronavirus pandemic has affected over 150 countries across the world as of now. Over 533,015 cases have been reported across the world including over 24,000 deaths. Italy and Spain have been worst affected by the virus outbreak outside mainland China. This current situation is expected to bring about one of the worst recession the world has ever seen. The global growth outlook for 2020 is projected to be negative.

 

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