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The leaders of member nations of the G20 group held its first ever virtual summit through video conferencing to discuss the ongoing crises around the world and to formulate various necessary policies to protect the global economy from the effects of COVID-19 pandemic.
About G20 Group
The G20 is an international forum for the governments and central bank governors which has a responsibility of overcoming current and emerging issues, to tackle global challenges together, and to make the world a better place for all to live.
The first ever virtual G20 summit was chaired by Saudi Arabia.
Saudi Arabia assumed the G20 presidency in December 2019 till the Leaders Summit to be held in Riyadh on 20-21 November 2020.
Saudi Arabia will guide the works of the G20 nation under the theme of “Realizing Opportunities of the 21st Century for All”.
The Kingdom will focus on three main aims:
- Safeguarding the planet
- Empowering people
- Shaping new frontiers.
Insights From The Meeting
Leaders of G20 member nations pledged to do “Whatever it takes” to minimize the global social and economic impact of COVID-19 pandemic and agreed to infuse an amount of over $5 trillion into the economy.
The leaders asked the finance ministers and central bank governors of the member nations to coordinate and communicate their efforts on a regular basis to develop an action plan to minimize the effects of COVID-19 Pandemic.
The member nations will work in coordination with three international health organisation to control the pandemic:
- WHO( World Health organisation)
- Gavi- The Vaccine Alliance
- CEPI( Coalition for epidemic preparedness and innovation).
Trade Ministers of the member countries have been asked to meet and assess the impact caused by the pandemic on the global trade market.
The Group also asked the World Health Organisation to prepare and submit a report on the gaps in pandemic preparedness in cooperation with all the relevant organisations.