G20 leaders promise $5,000 billion to tackle corona virus crisis

The leaders of the G20 countries have announced to spend five thousand billion dollars in the world economy to fight the global epidemic of the Coronavirus.

• After the meeting, leaders of the G20 countries said in a joint statement, “We are fully committed to building a united front to this common threat. We are putting five thousand billion dollars into the global economy through targeted fiscal policies, economic measures, guaranteed schemes to mitigate the social, economic and financial impact of the epidemic. ”
• The emergency meeting comes at a time when more than 21 thousand deaths have been caused worldwide due to coronavirus infection. The G20 was being criticised for its sluggishness on the issue.
• The coronavirus infection, which started with China’s Wuhan, has engulfed almost the entire world. Due to this, the global economy has reached the threshold of the economic slowdown. Because of this, an emergency meeting of the G20 countries was held under the chairmanship of Sultan King Salman of Saudi Arabia. The meeting was attended by Prime Minister Narendra Modi, US President Donald Trump, Russian President Vladimir Putin, Chinese President Xi Jinping through video conference.
• In his address, Prime Minister Narendra Modi has stressed the need to share the benefits of medical research and development openly and freely. The Prime Minister also spoke of reforms in institutions like the World Health Organization.
• The meeting was also attended by international organizations such as Spain, Jordan, Singapore and Switzerland and the United Nations and the World Bank, besides the G20 member countries.
• The present president, Saudi Arabia, has received the G-20 chairmanship from Japan, which was conferred on it after the Oska Conference 2019, which was chaired by Saudi Arabia. The G20 represents 85% of GDP of the global economy and represents 80% of global trade. So, this is the largest forum to consider global economic issues.

G-20 Matters

• Formation – in September 1999
• Member Countries – Argentina, India, Australia, USA, Japan, Brazil, France, South Africa, Mexico, Canada, Germany, Italy, UK, China, Indonesia, South Korea, Russia, Turkey, Saudi Arabia and the European Union

Work –

• (a) Discussion on international economic cooperation and the world economy than
• (b) Conference of top leaders every year
• (c) Meeting of Governor and Finance Ministers of Central Bank
• (d) Sherpa system for continuous dialogue on global issues The Sherpa of India was “Suresh Prabhu” at Osaka Conference. Sherpa was the first Shaktikanta Das.