Members of G20 have been encouraged to unite and save the global economy during this year’s summit held via conference call.
The summit which was chaired by the President of the G20 Summit 2020 and leader of Saudi Arabia, King Salman bin Abdulaziz Al Saud, tackled the pandemic and its economic implications as people lose their incomes amid closures, curfews and lockdowns.
Speaking at the summit through a virtual medium, King Salman bin Abdulaziz Al Saud urged the members to fortify global preparedness to ensure that future incidents or infections can be handled to prevent a reoccurrence.
Impact of the Coronavirus on certain sectors identified by the leaders
Talking about the economy, King Al Saud said that though the global growth and financial markets are at a standstill, members should have a plan to restore the global economy to normalcy.
“Therefore, we must have an effective and coordinated response to this pandemic and restore confidence in the global economy.”
He further stated that all measures being put in place to revive economies will be considered as many governments are trying various ways to moderate the impact of coronavirus.
“The Presidency welcomes the policies and measures taken by countries to revive their respective economies, including stimulus packages, precautionary measures, sector-targeted policies and job protection measures”.
He was, however, quick to add that despite the importance of any country’s individual responses, “it is the duty of all to strengthen cooperation and coordination in all aspects of the adopted economic policies”.
Under this sector, King Al Saud emphasized on cooperation and coordination among members in all aspects to restore confidence in the global economy by resuming immediately after everything is over.
“In addition, it is our responsibility to extend a helping hand to developing countries and least developed countries to enable them to build their capacities and improve their infrastructure to overcome this crisis and its repercussions. The G20 has previously proven its effectiveness in mitigating the severity of the global financial crisis and its ability to overcome it”.
On health, the King stated that Saudi Arabia has partnered with relevant organisations to take all necessary actions in order to mitigate COVID-19 and protect people’s health.
“And, here, we value the effective measures adopted by different countries in this regard. We reaffirm our full support for the World Health Organisation in coordinating the efforts to counter this pandemic.
He went on to say that members should fund research to help scale up the process and search for a vaccine for the novel coronavirus.
“To complement these efforts, the G20 must assume the responsibility of reinforcing cooperation in financing research and development for therapeutics and a vaccine for COVID-19 and ensure the availability of the vital medical supplies and equipment. We must also strengthen the global preparedness to counter infectious diseases that may spread in the future.”
King Al Saud recounted the impact of the virus that has affected economies.
“The impact of this pandemic has spread to reach the global economy, financial markets, trade, and global supply chains, hampering growth and development and reversing the gains accomplished in the previous years.”
He further encouraged global leaders to unite and help each other to fight and overcome the crisis.
“This human crisis requires a global response. The world counts on us to come together and cooperate in order to face this challenge. Today, through our cooperation, we are confident that we, together, will overcome this crisis, and move forward towards a future where all people thrive, prosper and are healthy.”