BackG-20 to develop joint action plan to respond to Covid-19 outbreak
The participants discussed the role of International Monetary Fund, working closely with the World Bank Group and other international financial institutions to deploy all available resources
PremiumNEW DELHI: G-20 finance ministers and central bank governors have agreed to develop a joint action plan which will outline individual and collective actions that the grouping will undertake to respond to the
Covid-19 pandemic.
The participants met virtually on Monday under the G-20 chair Saudi Arabia to discuss the impact of Covid-19 pandemic on the global economy and coordinate their efforts in response to this global challenge.
“Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the Covid-19 pandemic," Saudi Arabia said in a press statement.
The participants also discussed the role of the International Monetary Fund, working closely with the World Bank Group and other international financial institutions to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies.
Saudi Arabia finance minister Mohammed Aljadaan and chair of the meeting in his opening statement stressed the need to step up the G-20 joint efforts and act decisively and in a coordinated manner to provide support to people and businesses, safeguard the stability of the global economy and financial markets, restore confidence and prevent deep and prolonged negative economic impacts.
He said the G-20 should be ready to undertake further emergency response to address this global crisis and set a vision for medium and long term actions that will foster a rapid recovery in the economy and catalise the potential for stronger economic growth.
G-20 finance ministers and central bank governors will meet virtually on a regular basis to continue discussion and take urgent actions needed to address the global challenge presented by the Covid-19 pandemic, the statement said.
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