The G20 group of nations held an emergency virtual summit meeting Thursday aimed at setting up a coordinated global response to the COVID-19 pandemic and dealing with its economic impact, APA reports citing Sputnik.
Leaders of the world's top 20 most powerful economies have pledged to work together to close the financing gap in the World Health Organization's strategic preparedness and response plan to deal with the COVID-19 outbreak, issuing a joint statement on the collective measures they will take.
Saudi King Salman, whose country is chairing the G20 presidency this year, called for "effective and coordinated" measures to be taken immediately to respond to the global health and economic crisis caused by the virus.
"This human crisis requires a global response. The world counts on us to come together and cooperate in order to face this challenge. We must have an effective and coordinated response to this pandemic and restore confidence in the global economy," Salman said.
Russian President Vladimir Putin, for his part, stressed a need for 'green corridors' free of trade wars and sanctions. He noted that the world cannot afford to act in an "every man for himself" manner at this time. According to Putin, long-term unemployment caused by the economic downturn was the key risk, with efforts to deal with this issue being key to how effective measures which are taken will be.
Putin estimated that global unemployment will exceed 2009 levels 'under any scenario'. Putin called a common plan of measures to restore the economy amid the crisis, proposing a special fund under the aegis of the International Monetary Fund from which any G20 member may draw.
On the medical front, the Russian president said joint research efforts by all G20 nations would speed the creation of a vaccine.
In a joint statement issued following the summit, the G20 announced that its members will take the necessary measures to ensure adequate funding to contain the pandemic and protect citizens, promising to do "whatever it takes" to overcome the threat. The group of countries also pledged to increase production capacity of medical supplies, and said that tackling the virus's impact on public health, society and the economy was the G20's "absolute priority."
G20 leaders promised to assist all countries in need in the fight against the virus, and committed to working together to increase R&D funding for vaccines and medicines. Joint efforts are expected to include sharing of epidemiological and health data, as well as sharing best practices proven to work in fighting COVID-19, and the strengthening of international scientific cooperation.
The nations agreed to strengthen the WHO's mandate in coordinating the global fight against the coronavirus, and to strengthen national, regional and global capabilities on responding to infectious diseases.
On the economic front, the G20 statement said leaders would ask finance ministers and central bank authorities to coordinate regularly with international authorities to come up with an action plan. According to the G20, countries will inject some $5 trillion into the global economy to soften COVID-19's economic impact.
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