G-20 Countries Pledge to Inject 5 Trillion USD into Global Economy

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March 26/2020( ENA) The G-20 nations on Thursday pledged a “united front” in the fight against the coronavirus pandemic, and said they were injecting 5 trillion USD into the global economy to counter the impact of the crisis.

“Combating this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity,” the G20 said in a statement after an emergency online summit.

“We are strongly committed to presenting a united front against this common threat,” AFP reported.

The group of 20 most industrialized nations said they were injecting over 5 trillion USD into the global economy “to counteract the social, economic and financial impacts of the pandemic”. 

“The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth,” the statement said.

As concerns mount for poorer countries with little or no access to capital markets or adequate health facilities, the International Monetary Fund and World Bank have urged the G-20 to support its call for governments to put debt payments on hold.

The group pledged to work swiftly with the IMF, the World Health Organization and regional banks to deploy a “robust” financial package to support developing nations.

On the fight against the novel coronavirus, the leaders committed to a number of measures including sharing research and data, strengthening health systems, and expanding manufacturing capacity to meet demand for medical supplies.  

“To safeguard the future, we commit to strengthen national, regional, and global capacities to respond to potential infectious disease outbreaks,” the statement said.

Due to the Covid-19 outbreak a traditional in-person meeting of the major international economies, the G20, has gone online.