Coronavirus: G20 nations inject $5 trillion into global economy to take on pandemic

A group of G20 nations on Thursday convened a virtual meeting to discuss the challenges posed by coronavirus pandemic and to forge a global coordinated response. The group injected over $5 trillion into the global economy to combat economic disruptions triggered by the COVID-19 outbreak. During the video conferencing, Prime Minister Narendra Modi was also present.

In his address, PM Modi noted the alarming social and economic cost of the pandemic. He added that 90 per cent of the COVID-19 cases and 88 per cent of deaths were in G20 countries. The PM pitched for developing a new crisis management protocol to deal with the coronavirus epidemic. The PM called on the G-20 leaders to help usher in new globalisation, for the collective well-being of humankind. Modi added human beings rather than economic targets should be put at the centre of its vision for global prosperity and cooperation.

Also read: Coronavirus in India Live Updates: Positive cases near 700; deaths rise to 16

US President Donald Trump and Russian President Vladimir Putin also agreed to contribute to the WHO-led COVID-19 Solidarity Response Fund on a voluntary basis.

The G20 grouping shares 80 per cent of world's GDP and 60 per cent of world population.

The bloc said it will continue to  provide fiscal support to deal with the economic aspects of the crisis.

"Collective G20 action will amplify its impact, ensure coherence, and harness synergies. The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth," the bloc said.

Besides, Saudi King Salman urged G20 leaders to boost funding for a vaccine for coronavirus.

The G20 said it will work to ensure the flow of vital medical supplies, critical agricultural products, and other goods and services across borders, and work to resolve disruptions to the global supply chains.

"Emergency measures aimed at protecting health will be targeted, proportionate, transparent, and temporary. We task our Trade Ministers to assess the impact of the pandemic on trade," it added.

"We reiterate our goal to realise a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," the G20 said.

The G20 members are India, the United Kingdom, US, China, Russia, Saudi Arabia, Canada, France, Germany, Australia, European Union (EU), Japan, Indonesia, Italy, Mexico, Argentina, Republic of Korea, South Africa, Turkey and Brazil.

PM Modi joined G20 virtual summit in which various world leaders discussed ways to fight coronavirus.

Also read: Coronavirus: Bhilwara district authorities take over 5 private hospitals, guest houses, resorts

Also read: Coronavirus outbreak: India extends ban on international flights till April 14