G20 to provide $5 trillion stimulus to global economy

Group of 20 major world economies has pledged to inject $5 trillion into the global economy to cover for the losses due to COVID-19 economic trauma with an aim to “do whatever it takes to overcome the pandemic”.

The group is united better than before, even the 2008 economic recession. The leaders have said they want to implement the fund over necessary health equipment and other measures necessary to contain the resulting fallout.

They stressed that G20 is committed to ‘doing whatever it takes to overcome the pandemic, in collaboration with the World Health Organisation and other global organisations.

The statement issued by the group shows empathy and commitment to ensure the provision of critical medical supplies and food items must continue to reach where they are needed with a hard resolve to keep the supply chain

“Emergency measures aimed at protecting health will be targeted, proportionate, transparent and temporary,” they said.

The group, however, has refrained from expressing their opinion about the exports bans in place across the world calling it “unnecessary interference”.

The statement also expresses concern about at-risk economies, especially Africa, and those with populations of refugees and the need to create a structure to boost a financial safety net and health systems across the world.

The video summit was called by Saudi Arabia – the current G20 chair – to shed criticism over the group’s slow response to the pandemic. COVID-19 has infected more than 500,000 people across the world, claiming over 24,000 deaths so far. The pandemic is feared to cause the worst global recession in history.