The leader did not attend the meeting but joined via video conference.
Riyadh … News Time
Leaders attending the G20 summit of the world’s richest 20 countries, says that they will add more than $ 5 trillion to the global economy to counter the economic collapse caused by the Coronavirus, so that the economy will remain vibrant. In addition, the participants of the meeting agreed to share each other in the health-related deficit and remove the chaos in global trade. The leader did not attend the meeting but joined the video conference. The joint statement issued after the meeting stated that a comprehensive, transparent, coordinated, and scientific basis for dealing with this global epidemic was needed.
US President Donald Trump says he will speak at a press conference Thursday to discuss the G20 meeting, including members of the White House’s Coronavirus task force. The statement did not say where the money would come from. However, this is apparently the amount that different governments have been adding to their own economy to keep the economy vibrant. That includes $ 2 trillion from the United States that is currently before Congress for approval. To address the global epidemic in the statement, the G20 Group mentioned global cooperation in three key areas.
The first of these is to keep the global economy vibrant, for which an additional five trillion dollars will be added to it, and it will be aimed at economic policies, economic measures and schemes to overcome the social, economic and financial impacts of the global outbreak.
The second area is health. It states that all countries in the group will exchange their own transparent information and health-related data over time, and strengthen healthcare systems around the world.
The third area is to remove the chaos in global trade. According to the needs of the people, the supply of medicines and essential agricultural products will be continued so that global supply will not be stopped.
It is to be noted that due to the Coronavirus, economic activities around the world have been suspended while more than a quarter of the world’s population is locked in forced housing. The group of G20 countries was led by King Salman of Saudi Arabia. Saudi Arabia says this extraordinary meeting was called in to tackle global efforts to tackle the global outbreak and the negative effects it may have on its economies. Worldwide economies are in dire straits due to curfew, restrictions on people being held at home, restrictions on business, educational and social activities.
Saudi Arabia is also facing criticism for rising crude oil production and lowering its prices. Saudi Arabia took this step when another G20 group oil producer, Russia, refused to sign a deal to cut oil production. Both countries are working to increase their oil exports to the global market. The United States has already asked Saudi Arabia to review its strategy. Talking to Saudi Arabia’s Crown Prince Mohammed bin Salman this week, US Secretary of State Mike Pompeo said as the leader of the G20 and a major oil producing country, Saudi Arabia must take on its responsibility to stimulate global energy and economic markets around the world in a time of economic uncertainty.
Disagreements came this week at a meeting of the G7 group, the foreign ministers of the world’s 7 richest economies, declaring the virus a stronghold of China. The group could not agree with the United States to call the virus the Wuhan virus, after which the group declined to make a joint statement. About 40% of the world’s population does not have health insurance, The International Labor Organization says nor do they have access to public health facilities. The organization says that 55% of the world’s 4 billion population has no social welfare and protection.
The organization says the current health crisis makes it clear that since the 2008 economic crisis, governments have failed to provide people with any type of health care or unemployment. Immediately before the start of the meeting, the IMF and the World Bank warned G20 members that developing countries could face severe economic and social consequences. A quarter of the world’s population lives in these countries. The meeting has been called at a time when criticism is intensifying that the world’s richest countries have infected the world with a virus and there is no consensus to take any action to deal with the economic implications.
