G20 Summit: 5 trillion USD to be injected to fight against COVID-19

On March 27, 2020, the G20 video summit was chaired by the Saudi king Salman. As a member of G20, India was represented by PM Modi. At the summit, the leaders pledged to infuse 5 trillion USD into the global economy.

Highlights

The summit was first of its kind with the leaders attending through video conferencing. At the summit, the leaders committed themselves to restore global health. With the global economic rate slowing down, the 5 trillion USD is to be used to counteract social and economic impacts.

The finance minsters and central bank governors of the G20 countries are to coordinate and develop an action plan.

Solutions

The members are to work on a transparent, coordinated and science based global response. The manufacturing capacity of medical supplies are to be increased to make sure they are available at affordable prices.

The grouping requested the World Health Organization to address the gaps in order to align the priorities in global preparedness.

G20 Summit

The G20 Summit was to be held under the leadership of Saudi Arabia in November 21-22, 2020. Saudi has chosen the theme

Theme: Realizing Opportunities of the 21st Century for all

The three key agenda that are to be addressed under the theme include

  • Creating a condition to empower people, especially women and youth, tio live, thrive and work.
  • To safeguard the planet, foster collective efforts to protect global commons
  • To shape new frontiers and adopt a long-term bold strategy

This video summit was organized to take quick actions to against COVID-19 and its global economic impacts.

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