Fight against COVID-19: G20 countries may consider helping smaller economies

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Updated: March 25, 2020 4:15:53 PM

Besides the G20 member countries, there will other countries too who will be represented by their leaders. These include Spain, Jordan, Singapore, and Switzerland.

G20 countries account for 85 per cent of global GDP and since 2008 the world is yet again confronted with the global recession and growth downturn.G20 countries account for 85 per cent of global GDP and since 2008 the world is yet again confronted with the global recession and growth downturn. (Reuters file image)

A global G20 fund to help the smaller devastated COVID-19 hit economies as well the possibility inducting World Health Organisation (WHO) as a permanent invitee to all G 20 meetings are among the issues likely to be discussed tomorrow.

Ambassador Anil Trigunayat told Financial Express Online that, “A joint strategy to counter the ongoing viral challenge will be discussed to minimize the adverse impact. Also, on the world leaders are likely to discuss putting in place cooperative global protocols for handling pandemics.”

“PM Modi led the way to use digital technology for virtual leadership Summits be it in SAARC, other regional formats or the emergency G20 Summit to work out global, regional and local strategies to fight the Corona pandemic that is threatening to decimate global health and economy,” said the former diplomat.

G20 countries account for 85 per cent of global GDP and since 2008 the world is yet again confronted with the global recession and growth downturn.

According to Trigunayat, “PM Modi spoke to Saudi Crown Prince Mohammad bin Salman — host of G20 to organize a virtual Summit while Finance and Trade Ministers have been working on various agenda items.”

IMF, World Bank, OECD and others, are inducted as permanent invitees to attend all the meetings.

“Evolving consensus on what Macroeconomic policies are appropriate to handle such an unprecedented economic crisis and jobs and employment in the 21st century may need the attention of G20 leaders,” Trigunayat opined.

Since Saudi Arabia is the G20 chair, King Salman Bin Abdulaziz Al Saud will be chairing the meeting which will address the COVID-19 pandemic and the economic and human implications, since several countries across the globe, are in a state of lockdown.

Throughout its Presidency, the Saudi government is expected to host more than 100 meetings at different locations in and outside the Kingdom.

Besides the G20 member countries, there will other countries too who will be represented by their leaders. These include Spain, Jordan, Singapore, and Switzerland.

Also, since this is a pandemic and there is a need to have everyone present to find solutions, UN, World Bank Group (WBG), the World Health Organization (WHO) and the World Trade Organization (WTO), and other related international organizations have been invited to this virtual meeting.

There will be the presence of the regional organizations including Rwanda the Chair of the New Partnership for Africa’s Development (NEPAD), Vietnam the Chair of the Association of Southeast Asian Nations (ASEAN), South Africa the Chair of the African Union (AU), and the United Arab Emirates the Chair of the Gulf Cooperation Council (GCC).

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