G20 vows to keep its markets open

During a video conference this Thursday (26). The leaders of the world’s leading economies pledged to inject USD 5 trillion into global markets to address the coronavirus crisis, and to work to keep global supply chains working.

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São Paulo – G20, the group comprising the world’s biggest economies plus the European Union, is injecting USD 5 trillion into global economies to fight the social, economic and financial impacts of the coronavirus crisis. The announcement came after a video conference of member countries’ leaders, including Brazil’s president Jair Bolsonaro.

Brazil is a G20 country, as is Saudi Arabia, which is currently in the group’s presidency and slated to host the G20 Summit next October. The Saudi king Salman bin Abdulaziz al Saud (pictured) chaired the video conference. A statement was released according to which cas injections will come in the form of fiscal policies, economic measures, and guarantee schemes.

Leaders committed to facilitating and not interfering with international trade flows. The G20 said it will work to ensure medical supplies are available, as well as other goods and services, and to address any gaps in global supply chains. The group reaffirmed its purpose of keeping member countries’ markets open.

It will also work quickly alongside international organizations, such as the Worldh Health Organization (WHO), the International Monetary Fund International Monetary Fund (IMF) and multilateral and regional banks to roll out a robust financial package. “We are ready to strengthen global financial safety nets,” the G20 statement reads. Leaders call on organizations to make concerted efforts, including involving the private sector, to provide social, economic and healthcare support to emerging countries.

Group members are gravely concerned about the risks posed to all countries, but especially developing and underdeveloped nations – whose healthcare systems are not as able to take on the challenge of Covid-19 – and refugees. The G20 is willing to provide humanitarian financing. It’s also ready to take action wherever needed.

The statement also points out that the pandemic is a reminder of the world’s interconnectivity and vulnerability and expresses concern over the potential suffering and loss of lives around the world. It also lists G20 countries upcoming actions to fight the pandemic when it comes to healthcare.

The G20 said it will spare no efforts to protect lives; safeguard people’s jobs and incomes; restore confidence, preserve financial stability, revive growth and recover stronger; minimize disruptions to trade and global supply chains; provide help to all countries in need of assistance; and coordinate on public health and financial measures.

Translated by Gabriel Pomerancblum

Saudi Press Agency

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