G20 Financiers Develop Plan in Covid-19 Response

The G20 finance ministers and central bank governors agreed on Monday during a televised meeting to develop a joint G20 Action Plan in response to the COVID-19, said a statement by the G20 Saudi secretariat.

Saudi Finance Minister Mohammed Al-Jadaan opened the meeting by stressing the need to step up joint efforts and act decisively in a coordinated manner to safeguard the stability of the global economic and financial markets, it said, reports Xinhua.

Since the last meeting of G20 finance ministers and central bank governors in February, the global economic outlook has significantly deteriorated due to spread of the COVID-19, he said.

He highlighted that the G20 should be ready to set a vision for the medium- and long-term actions that will foster a rapid recovery in the economy.

Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the COVID-19 pandemic.

Source: Xinhua