COVID-19: G20 countries pledge $ 5 trillion funds in the world economy

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Published: March 27, 2020 11:01:27 AM

“India was represented by Prime Minister Narendra Modi in the first video conference of the G20 countries which had joined the conference for the first time ever to discuss humanitarian crisis”, a source Financial Express Online.

COVID-19, G20 countries, world economy, Narendra Modi, SAARC leaders, Extraordinary Virtual G20 Leaders Summit, World Health OrganisationThe meeting was called to discuss the challenges which have been posed due to the spread of COVID-19 and how the world economies could together help developing economies. (Reuters photo)

To deal with the social, economic as well the financial impacts of the COVID-19, the G20 countries have all decided to put in together $ 5 trillion funds in the world economy.

“India was represented by Prime Minister Narendra Modi in the first video conference of the G20 countries which had joined the conference for the first time ever to discuss humanitarian crisis”, a source Financial Express Online. The leaders got together for an Extraordinary Virtual G20 Leaders’ Summit, which came close of the heels of the recent video conference PM Modi had with the SAARC leaders to discuss the pandemic. So according to reports, almost 5, 00,000 people across the globe have been infected and around 30,000 death have been reported.

The meeting was called to discuss the challenges which have been posed due to the spread of COVID-19 and how the world economies could together help developing economies.

According to sources “The member countries planned strategy to fight the virus which has spread across the globe. The focus was on how all could come together to collectively for humanity rather than individually. The focus was also on how all countries could work together to make diagnostic kits and medicines as well as do R&D together.”

“Then the whole focus was how to collaborate together and how to prepare for the future challenges in face of a pandemic”, added the source. And to also provide to those countries who don’t have a strong health system.

The G20 during the two-hour-long virtual meeting agreed to further strengthen the mandate of the World Health Organisation (WHO) in the fight against pandemics and to chalk out plans for the delivery of diagnostic tools, medicines, vaccines, treatments, and other medical.

“For facilitating international trade the member countries pledged to ensure the flow of agricultural products across borders as well the medical supplies. And to also come up with a COVID Solidarity Response Fund where the leaders have agreed to contribute on a voluntary basis.”

According to the source quoted above, “The Sherpas from all the member countries will be meeting again to finalise the actionable points which will get the G20 countries together.”

Members of G20

Most of the large economies of the world such as the US, the EU, Australia, Brazil, India, China, Japan, France, Germany, South Korea and South Africa are members.

Almost all have been hit by the pandemic and besides China, Italy is among those who has been badly affected.

Why the meeting?

It was called to get the world economies together to fight the pandemic. Before calling for a video conference, PM Modi had a telephonic conversation with the Crown Prince of Saudi Arabia on this subject.

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