The Leaders of the Group of 20 or G20 major economies on March 27th, 2020 pledged to infuse over $5 trillion into the global economy, and do “whatever it takes” to minimize the economic and social impact of the novel coronavirus (COVID-19) pandemic.

” We are committed to inject over USD 5 trillion into the global economy to counter the social and economic impact of COVID-19. The leaders also agreed to contribute to the WHO led COVID-19 Solidarity Response Fund on a voluntary basis,” the statement said.

The G20 Summit was a culmination of the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic.

In a joint statement issued after the G-20’s first ever virtual summit, chaired by Saudi Arabia, the members supported strengthening of the WHO’s mandate in the fight against pandemics, including delivery of medical supplies, diagnostic tools, treatments, medicines and vaccines.

They also committed themselves to restore global growth, maintaining market stability and strengthening resilience. Prime Minister Narendra Modi was among leaders who participated in the video conference.

They leaders also committed to use all available policy tools to minimize the economic and social cost of the pandemic and to restore global growth, market stability and strengthening resilience.

Modi thanked the King of Saudi Arabia for convening this extraordinary session of G20. In his remarks, Prime Minister Modi noted the alarming social and economic cost of the pandemic.

“90 per cent of the COVID-19 cases and 88 per cent of deaths were in G20 countries even as they share 80 per cent of world GDP and 60 per centof world population,” Modi said. He called on the G20 to come out with a concrete action plan to fight the global pandemic.

Modi also underscored the need to put human beings at the centre of the vision of global prosperity and cooperation, freely and openly share the benefits of medical research and development, develop adaptive, responsive and humane health care systems, promote new crisis management protocols and procedures for an interconnected global village, strengthen and reform intergovernmental organisations like WHO and work together to reduce economic hardships resulting from COVID-19 particularly for the economically weak.

Photo credit: @narendramodi