G20 nations to inject over $5 trillion into global economy to counteract impacts of COVID-19 pandemic

In a major step to counteract the impacts of COVID-19 pandemic, the leaders of the G20 summit on Thursday announced that they will inject over five trillion dollars into the global economy. This comes as a part of targeted fiscal policy, economic measures, and guarantee schemes to curb the social, economic and financial impacts of the pandemic. "We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic," the G20 said in a statement.

The G20 nations also pledged 'united front' against coronavirus threat and 'robust' support for developing nations. It also assured of a commitment to ensure the flow of vital medical supplies and resolve disruptions in global chains due to COVID-19.

An official statement read, "The unprecedented COVID-19 pandemic is a powerful reminder of our interconnectedness and vulnerabilities. The virus respects no borders. Combatting this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity. We are strongly committed to presenting a united front against this common threat."

"We are deeply saddened by the tragic loss of life and the suffering faced by people around the world. Tackling the pandemic and its intertwined health, social and economic impacts is our absolute priority. We express our gratitude and support to all frontline health workers as we continue to fight the pandemic," it added.

It said that the G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organization (WHO), International Monetary Fund (IMF), World Bank Group (WBG), United Nations (UN), and other international organizations, working within their existing mandates. We are determined to spare no effort, both individually and collectively, to:
▪ Protect lives.
▪ Safeguard people’s jobs and incomes.
▪ Restore confidence, preserve financial stability, revive growth and recover stronger.
▪ Minimize disruptions to trade and global supply chains.
▪ Provide help to all countries in need of assistance.
▪ Coordinate on public health and financial measures.