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The word “COVID-19” is reflected in a drop on a syringe needle in this illustration taken on November 9, 2020. (Photo by DADO RUVIC / Reuters)
DUBAI / RIYADH – Leaders of the 20 largest economies pledged on Sunday to spare no effort to provide COVID-19 drugs, tests and vaccines in an affordable and fair way for “all people,” reflecting concerns that the pandemic could deepen the divisions between rich and poor.
The pandemic and the prospects for an uneven and uncertain economic recovery were at the center of a two-day online summit under the presidency of Saudi Arabia, which will hand over the G20 presidency to Italy next month.
“The COVID-19 pandemic and its unprecedented impact in terms of lives lost, livelihoods and affected economies, is an unprecedented impact that has revealed vulnerabilities in our preparedness and response and underscored our common challenges,” the statement said. final.
The G20 nations will work to “protect lives, provide support with a special focus on the most vulnerable, and put our economies back on the path of restoring growth and protecting and creating jobs for all.”
On vaccines, tests and treatments, the leaders said: “We will spare no effort to ensure their affordable and equitable access for all people.”
“There is a clear recognition from the G20: if we leave one country behind, we will all be behind,” Saudi Finance Minister Mohammed al-Jadaan said at the closing press conference.
The world economy has suffered a sharp contraction this year as measures to contain the spread of the virus have slowed transport, trade and demand across the globe.
The meeting was conducted via video link, like many of these meetings this year. Saudi King Salman said in his closing remarks that the group had “adopted important policies that will bring about the recovery to an economy that is resilient, sustainable, inclusive and balanced.”
G20 leaders said that while global economic activity has partially recovered thanks to the gradual reopening of some countries and sectors, the recovery was uneven and highly uncertain.
They reaffirmed their commitment to use “all available policy tools for as long as necessary” to protect lives, jobs and income.
They also said that climate change was an urgent challenge.
The pandemic has made governments around the world more aware of the fact that economies must develop sustainably and not at the expense of the environment, said German Chancellor Angela Merkel.
US President Donald Trump used his latest G20 summit to defend his decision to withdraw the United States from the Paris climate agreement, a measure that took effect on November 4, a day after the presidential election won by Democrat Joe Biden, who said the United States will rejoin as soon as he takes office.
Debt freeze
The G20 approved a plan to extend the freeze on the debt service payments of the poorest countries until mid-2021 and a common approach to address debt problems beyond that, according to the statement.
The Debt Service Suspension Initiative has helped 46 countries defer $ 5.7 billion in 2020 debt service payments, down from the 73 countries that were eligible, and promised savings of about $ 12 billion .
The director of the International Monetary Fund, Kristalina Georgieva, said that the G20’s actions to mitigate the impact of COVID-19 had helped prevent massive bankruptcies and an even deeper crisis, but that there was more to be done.
“The world is not out of the woods yet in terms of this crisis. Cooperation will be even more important in the future, ”he said in a statement after addressing G20 leaders.
He called for swift and effective implementation of the G20 framework for debt treatment beyond the debt relief initiative, adding:
“We must also help countries that are not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient.”
In their joint statement, the leaders said they strongly encouraged private creditors to participate in the initiative on comparable terms when requested by eligible countries.
Africa’s debt relief will be a major theme for the Italian presidency next year.
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