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G20 Leaders Pledge to Inject 5 Trillion Dollars to Support Global Economy

Leaders of the Top 20 Economies Group have pledged to inject more than $5 trillion into the global economy to limit job and income losses due to the coronavirus pandemic, Reuters reported Friday.
Demonstrating more unity than ever since the creation of the G20 during the 2008-2009 financial crisis, leaders said on Thursday that they had committed at a video conference to implement and fund all health measures necessary to stop the spread of the virus.
“The G20 is committed to doing whatever it takes to beat the pandemic,” alongside the World Health Organization (WHO) and other international institutions, they said.
Their statement contained the most conciliatory G20 language on trade in years, pledging to ensure the flow of vital medical supplies and other goods across borders and to resolve disruptions in the supply chain.
But he has stopped calling for an end to the export bans that many countries have enacted on medical supplies, with G20 leaders saying their responses should be coordinated to avoid “unnecessary interference”.
“Emergency measures to protect health will be targeted, proportionate, transparent and temporary,” they said.
G20 leaders also expressed concern about the risks to fragile countries, particularly in Africa, and people like refugees, recognizing the need to strengthen global financial safety nets and national health systems.
“We are firmly determined to present a united front against this common threat,” G20 leaders said in their statement.
Saudi Arabia, the current G20 president, called the video summit amid earlier criticism of the group’s slow response to the disease.
Covid-19 has infected more than 500,000 people worldwide, killed nearly 24,000 people and is expected to trigger a global recession.
Saudi King Salman bin Abdulaziz Al Saud, in his opening remarks, said that G20 countries should resume the normal flow of goods and services, including vital medical supplies, as soon as possible to help restore confidence in the global economy.
The group said that it is injecting more than $5 trillion into the global economy, through fiscal policy, targeted economic measures and guarantee systems to mitigate the economic fallout from the pandemic.
The amount is about the same as that injected by the G20 countries to support the world economy in 2009. But a US relief bill promises $2 trillion in budgetary spending, more than double his commitment to this crisis.
G20 leaders also called on the International Monetary Fund (IMF) and the World Bank Group to “help countries in need to use all instruments to the greatest extent possible”.
US President Donald Trump later said the video conference showed “a great spirit to end it.”
He said at a White House press briefing on the coronavirus that the G20 countries are keeping each other informed of their efforts to fight the crisis.
“We treat it a little bit in different ways, but there is a lot of consistency,” said Trump.
US President Donald Trump and French President Emmanuel Macron agreed on Thursday in a call for the importance of cooperation through the G20 and other groupings to help international organizations “quickly end the pandemic and minimize its economic impact,” said the White House.
(Sahar News Monitoring Desk)

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