G20 virtual summit

  • IASbaba
  • March 27, 2020
  • 0
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G20 virtual summit

Part of: GS Prelims and GS-II- Global groupings

In News: 

  • Amidst COVID-19 pandemic, G20 summit was held through video conferencing, recently.

Key takeaways:

  • G20 nations pledged a united front in the fight against coronavirus.
  • They also committed to inject $5 trillion into the global economy to ensure the situation of deep recession doesn’t arise.
  • G20 leaders also pledged to work with bodies such as the International Monetary Fund to deploy a robust financial package to support the developing nations which do not have access to capital markets or adequate health facilities.
  • Other affected countries also joined the virtual summit including Spain, Jordan, Singapore and Switzerland.
  • Leaders also agreed to contribute to the WHO-led COVID-19 Solidarity Response Fund on a voluntary basis.
  • G20 was criticised recently for being slow to address the COVID-19 pandemic.

Important value additions:

COVID-19 Solidarity Response Fund 

  • It is a global fund for supporting the work of the World Health Organization in containing the 2019-20 coronavirus pandemic. 
  • It was launched in Geneva, Switzerland.

International Monetary Fund

  • It is an international organization headquartered in Washington, D.C.
  • It works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

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