G20 virtual summit

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.