G20 finance officials mull joint method in response to COVID-19
The G20 finance ministers and central lender governors decided on Monday throughout a televised meeting to build up a joint G20 Action Method in response to the COVID-19, said a statement by the G20 Saudi secretariat.
Saudi Financing Minister Mohammed Al-Jadaan opened up the assembly by stressing the necessity to step up joint efforts and act decisively on a coordinated manner to safeguard the stability of the global monetary and economic markets, it said.
Since the last assembly of G20 finance ministers and central bank governors in February, the global financial outlook has drastically deteriorated and the global spread of the COVID-19 pandemic has impacted the global market, he said.
He highlighted that the G20 ought to be prepared to undertake further crisis response to address the global crisis and collection a vision for the medium- and long-term activities that will foster an instant recovery throughout the market and catalyze the prospect of stronger economic growth.
Furthermore, G20 finance ministers and governors discussed techniques for stepping up coordinated efforts simply by bilateral and multilateral lenders to handle the risks of debt vulnerabilities, especially in low-salary countries, amid the COVID-19 pandemic.
In addition they discussed working closely with international finance institutions to aid financial stability and alleviate liquidity constraints for emerging markets and developing economies.
