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-19Solidarity 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.
