COVID-19: G20 to Adopt New Additional Measures to Support Global Economy

Published March 25th, 2020 - 09:30 GMT
COVID-19: G20 to Adopt New Additional Measures to Support Global Economy
They also agreed to adopt additional measures to support the economy during the current crisis and for the next period, in addition to developing a joint action plan to respond to the pandemic repercussions. (Shutterstock)
Highlights
During the meeting, ministers and governors agreed to follow closely on the developments of the coronavirus, including its implications for the conditions of financial markets and economies.

G20 ministers of Finance and central banks governors have revealed an agreement to adopt three tracks to reduce the repercussions of the coronavirus on global economy.

The announcement came during a video conference on the preparations for the virtual G20 summit, scheduled for this week.

Hosted by Saudi Arabia, the video conference gathered G20 finance ministers and central bank governors on Monday to discuss the effects of the Covid-19 pandemic on the global economy and ways to tackle it.

In remarks, Saudi Finance Minister Mohammed Al-Jadaan underlined the need to increase G20 efforts to provide support to people and businesses, and protect the stability of the global economy and financial markets.

The outlook for global growth has deteriorated “sharply since we met at the last G20 meeting of finance ministers and central bank governors in February, and the recent events of the pandemic have had an impact on the global economy,” he noted.

During the meeting, ministers and governors agreed to follow closely on the developments of the coronavirus, including its implications for the conditions of financial markets and economies.

They also agreed to adopt additional measures to support the economy during the current crisis and for the next period, in addition to developing a joint action plan to respond to the pandemic repercussions.

The meeting discussed methods that can be adopted to intensify efforts of bilateral and multilateral lenders to address the risks of debt sustainability, especially in low-income countries.

Discussions included the role of the International Monetary Fund, through its close work with the World Bank and other international financial institutions, in exploiting all available resources and searching for additional mandatory measures to support financial stability and liquidity in emerging markets and economies of developing countries.


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