AVN 67.23 Decreased By ▼ -0.71 (-1.05%)
BOP 9.94 Decreased By ▼ -0.01 (-0.1%)
CHCC 129.50 Decreased By ▼ -2.52 (-1.91%)
DCL 11.21 Decreased By ▼ -0.42 (-3.61%)
DGKC 111.33 Decreased By ▼ -1.45 (-1.29%)
EFERT 60.74 Decreased By ▼ -0.28 (-0.46%)
EPCL 43.50 Increased By ▲ 0.74 (1.73%)
FCCL 21.60 Decreased By ▼ -0.17 (-0.78%)
FFL 18.65 Decreased By ▼ -0.28 (-1.48%)
HASCOL 21.79 Decreased By ▼ -0.80 (-3.54%)
HBL 133.75 Decreased By ▼ -0.25 (-0.19%)
HUBC 84.18 Decreased By ▼ -1.28 (-1.5%)
HUMNL 8.53 Decreased By ▼ -0.12 (-1.39%)
JSCL 28.73 Decreased By ▼ -1.54 (-5.09%)
KAPCO 28.20 Decreased By ▼ -2.40 (-7.84%)
KEL 4.25 Increased By ▲ 0.17 (4.17%)
LOTCHEM 13.39 Decreased By ▼ -0.17 (-1.25%)
MLCF 39.54 Decreased By ▼ -0.57 (-1.42%)
OGDC 109.81 Increased By ▲ 0.13 (0.12%)
PAEL 37.87 Decreased By ▼ -0.87 (-2.25%)
PIBTL 14.19 Increased By ▲ 0.58 (4.26%)
PIOC 96.10 Decreased By ▼ -1.51 (-1.55%)
POWER 9.47 Decreased By ▼ -0.27 (-2.77%)
PPL 98.67 Increased By ▲ 0.34 (0.35%)
PSO 205.77 Decreased By ▼ -0.28 (-0.14%)
SNGP 64.15 Decreased By ▼ -0.26 (-0.4%)
STPL 13.30 Decreased By ▼ -0.20 (-1.48%)
TRG 57.69 Decreased By ▼ -0.89 (-1.52%)
UNITY 17.78 Increased By ▲ 0.67 (3.92%)
WTL 1.29 Increased By ▲ 0.04 (3.2%)
BR100 4,445 Increased By ▲ 24.91 (0.56%)
BR30 22,731 Increased By ▲ 119.41 (0.53%)
KSE100 42,505 Increased By ▲ 170 (0.4%)
KSE30 18,046 Increased By ▲ 102.45 (0.57%)
COVID-19 TOTAL DAILY
CASES 288,047 747
DEATHS 6,162 9
World

G20 leaders pledge $5trn, 'united' response to coronavirus crisis

"We are strongly committed to presenting a united front against this common threat," the leaders said in a joint st
Updated 26 Mar 2020
  • "We are strongly committed to presenting a united front against this common threat," the leaders said in a joint statement after the summit.
  • It is our responsibility to extend a helping hand to developing countries and (the) least developed countries to enable them to build their capacities and improve their infrastructure to overcome this crisis and its repercussions.

RIYADH: G20 nations pledged a "united front" Thursday in the fight against coronavirus, saying they were injecting $5 trillion into the global economy to counter the pandemic amid forecasts of a deep recession.

US President Donald Trump and Russian President Vladimir Putin joined the emergency video conference chaired by Saudi Arabia's King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.

The talks come amid criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 21,000 dead worldwide according to official data, and triggered financial shock waves as more than three billion people are locked down.

"We are strongly committed to presenting a united front against this common threat," the leaders said in a joint statement after the summit.

"We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic."

As concerns mount for poorer countries without access to capital markets or adequate health facilities, G20 leaders also pledged to work with bodies such as the International Monetary Fund to deploy a "robust" financial package to support developing nations.

"It is our responsibility to extend a helping hand to developing countries and (the) least developed countries to enable them to build their capacities and improve their infrastructure to overcome this crisis and its repercussions," King Salman said.

The world's 20 most industrialised countries are scrambling to defend their virus-wracked economies amid forecasts they will likely plunge into a recession.

On Wednesday, the financial ratings agency Moody's estimated the G20's overall gross domestic product would contract by 0.5 percent this year, with the US economy shrinking by 2.0 percent and the eurozone by 2.2 percent.

 

Comments are closed on this story.