G20 nations to inject $5 trillion into global economy to deal with Coronavirus impact

In a big development, G20 countries have injected $5 trillion into global ecomy to deal with ecomic, social and financial impact of COVID19 pandemic. unprecedented COVID-19 has majorly affected countries like Italy, Spain, Jordan, Singapore, China, and Switzerland. IMF and Organization for Ecomic Cooperation and Development (OECD) also participated in summit titled 'G20 Extraordinary Virtual Leers' Summit on COVID-19'.

official statement apprised about injection of over $5 trillion into global ecomy, as part of targeted fiscal policy, ecomic measures, and guarantee schemes to counteract social, ecomic and financial impacts of pandemic. 

"We are injecting over $5 trillion into global ecomy. Collective G20 action will amplify its impact, ensure coherence, and harness synergies. magnitude and scope of this response will get global ecomy back on its feet and set a strong basis for protection of jobs and recovery of growth. We ask our Finance Ministers and Central Bank Goverrs to coordinate on a regular basis to develop a G20 action plan in response to COVID-19 and work closely with international organizations to swiftly deliver appropriate international financial assistance," re statement.

statement also supported extraordinary measures taken by central banks and regulatory and supervisory measures taken to ensure that financial system continues to support ecomy. Furrmore, it welcomed steps taken by IMF and WBG to support countries in need of using all instruments to fullest extent as part of a coordinated global response. 

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Saudi Arabia's King Salman Kicks Off Virtual G20 Summit

Kickstarting  virtual G20 Summit on Thursday, Saudi Arabia’s King Salman bin Abdulaziz Al Saud called upon member nations to form an effective and coordinated response to COVID-19 and restore confidence in global ecomy. Mentioning that vel coronavirus h caused tremendous suffering to many people around world, he reaffirmed support for WHO in coordinating efforts to counter this pandemic. He observed that G20 must take responsibility for financing research and development of a vaccine for COVID-19. This emergency G20 Summit was convened by Saudi Arabia in wake of vel coronavirus crisis. PM Modi is also taking part in  Summit. 

In his opening remarks, Saudi Arabia's King Salman also opined that G20 member nations must extend help to developing least developed nations. Citing G20’s feat in mitigating severity of global financial crisis in past, he exuded confidence that  future would be positive for mankind. Furrmore, he called for early resumption of rmal flow of goods and services to send a strong signal to global ecomy.

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vel coronavirus crisis

First detected in Wuhan in December 2019, COVID-19- vel coronavirus has affected 197 countries in world. Presently, re are 4,16,686 confirmed cases of COVID-19 which has led to death of 18,589 people. As re is vaccine or specific antiviral medicine to deal to treat COVID-19, countries have been grappling with all possible mechanisms to contain its scope. So far, China, Italy, US, and Spain have witnessed  most number of confirmed cases of vel coronavirus. India has recorded 593 active vel coronavirus cases till w. 

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