G20 Summit 2020: In admist of a coronavirus pandemic, worldwide countries are gasping at the financial cost of responding to the COVID-19 crisis. To cope with this crisis and keep the communication channels open between the countries, an emergency video conference summit took place on March 26 (Thursday) by the G20 countries.
The G20 summit 2020 will be held in Saudi Arabia capital city of Riyadh on November 21-22, 2020.
G20 Summit 2020: G20 Countries
The G20 countries stands for Group of Twenty countries, established in September 1999 by the finance ministers of G7 countries as an international forum with the aim of preserving international financial stability.
The members of G20 include European Union and 19 other countries including India.
- Republic of Korea
- United States of America
- Republic of South Africa
- Saudi Arabia
- United Kingdom
- European Union
Extraordinary virtual G-20 Leaders Summit
An extraordinary virtual leaders summit was convoked on 26 March 2020 to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge global coordinated response. This summit was a culmination of the finance ministers, central bank governors and G20 Sherpas meeting.
- At the meeting leaders agreed to take all the necessary measures to contain the pandemic and protect people.
- To minimise the economic and social cost of the pandemic and to restore the global growth, market stability and strengthening resilience Al the possible policy tools will be used.
- For the same, over USD 5 Trillion will be injected by G20 countries into the global economy to counter the social and economic impact of COVID-19.
- Also agreed to contribute to the WHO led COVID-19 Solidarity Response fund on voluntarily basis.
G20 Summit 2020: All you need to know
PM thanked the king of Saudi Arabia for convening this extraordinary session of G20. In doing so, he highlighted the alarming social and economic cost of pandemic.
In his statement, he urged G20 leaders in a new globalization for the collective well being of the humankind. Also called on to come out with a concrete action plan to fight the global pandemic.
At the end of the summit a collective statement was issued by the G20 leaders highlighting the coordinated global response to fight the pandemic. Statement focused on the measures to safeguard the global economy, minimising trade disruption and steps to enhance global cooperation.