Leaders of the world’s 20 largest economies have pledged to address the global recession caused by the coronavirus and outlined plans to accelerate appropriate and sustainable recovery at the conclusion of the historic G20 summit in Saudi Arabia.
“We are committed to leading the world in creating a strong, sustainable, balanced and inclusive creation for the post-COVID-19 era,” the G20 leaders said in a 12-page document released Sunday evening.
Saudi Arabia’s historic historic G20 presidency is dominated by the need to consider the economic and social impact of the first-ever epidemic for the Arab country, which now affects more than 1.3 million people worldwide.
The COVID-19 epidemic and its unprecedented impact in terms of loss of life, livelihood and affected economy is an unparalleled shock that has revealed weaknesses in our preparedness and response and highlighted our common challenges, the final conversation said.
The group is committed to “leaving no stone unturned to protect lives, focusing exclusively on the most vulnerable, and restoring growth to our economy and putting jobs on the path to job creation for all.”
The G-20 also promises to mobilize more resources to meet immediate credit needs to support the research, development, production and distribution of safe and effective Covid-19 diagnostics, therapeutics and vaccines.
The declaration added, “We will make every effort to ensure that the country’s global vaccines will prioritize rollouts or how much the dollar amount needs to be spent, without giving details, to ensure their affordable and appropriate use for all people.” Don’t give up. “
“If one country suffers, we will all suffer,” Saudi Finance Minister Mohammed al-Jad told the summit in a final press briefing. “Every single leader supports the G-20 initiatives to ensure that we are provided with adequate resources to ensure that vaccines and therapies are available to everyone.”
G-20 leaders pledged to address the disproportionate social and economic impact of the virus, providing an unprecedented 11 11 trillion to accelerate global recovery and આરોગ્ય 21 billion in training to support health systems and crisis management.
“This has put a dent in the world economy,” al-Jada said. Leaders warned that despite the resumption of economic activity in some countries, the guarantee of recovery is far from certain.
“Recovery is subject to unequal, highly uncertain and elevated downside risks,” the leaders acknowledged, warning that the outbreak of the virus poses significant challenges in some economies.
The G20 also made progress on debt suspensions, with leaders committed to implementing the Debt Service Suspension Initiative (DSSI) and extending it to June 2021, allowing eligible countries to defer official bilateral debt service payments.
“This is a huge success,” Al Jada said. So far, the G-20 has approved 14 14 billion in relief for developing countries, allocating more money to them for their virus response.
The leaders also said that the current U.S. Support for multilateral institutions and the global trading system was “as important as ever” in the explicit acceptance of various trade disputes under the administration.
“We strive to realize the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment and to keep our markets open,” the leaders said. “We will continue to work to ensure a level playing field to foster a competent business environment.”
The G-20 also acknowledged the urgent need to accelerate efforts to end poverty and address inequality in the most vulnerable segments of society, including women and youth.
The Declaration also states that all G20 members support efforts aimed at “advancing environmental sustainability for future payments” and continue to use all available approaches.
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