Modi to participate in G20 virtual summit on Thursday
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Modi to participate in G20 virtual summit on Thursday

NetIndian News Network

New Delhi, March 26, 2020

Prime Minister Narendra Modi will participate in the G20 extraordinary virtual summit later today to discuss issues related to the global coronavirus (COVID-19) pandemic that has already claimed more than 18,500 lives worldwide.

“The G20 has an important global role to play in addressing the COVID 19 pandemic. I look forward to productive discussions tomorrow at the G20 virtual summit, being coordinated by the Saudi G20 Presidency,” Modi said on micro-blogging site Twitter.

King Salman Bin Abdulaziz Al Saud of Saudi Arabia will chair the meeting to advance a coordinated global response to the COVID-19 pandemic and its human and economic implications.

G20 members will be joined by leaders from invited countries, Spain, Jordan, Singapore, and Switzerland, as well as international organizations; United Nations (UN), World Bank Group (WBG), the World Health Organization (WHO) and World Trade Organization (WTO), the Food and Agriculture Organization (FAO), the Financial Stability Board (FSB), the International Labour Organization (ILO), International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD).

Regional organizations will be represented by Vietnam the Chair of the Association of Southeast Asian Nations (ASEAN), South Africa the Chair of the African Union (AU), the United Arab Emirates, the Chair of the Gulf Cooperation Council (GCC) and Rwanda the Chair of the New Partnership for Africa's Development (NEPAD).

Earlier, the G20 Finance Ministers and Central Bank Governors met virtually on Monday, under the Saudi G20 Presidency, to discuss the impact of COVID-19 pandemic on the global economy and coordinate their efforts in response to this global challenge.

They also discussed the preparation for the virtual G20 Leaders’ Summit.

At the meeting, Mohammed Aljadaan, the Saudi Finance Minister, opened the virtual meeting by stressing the need to step up the G20 joint efforts and act decisively and in a coordinated manner to provide support to people and businesses, safeguard the stability of the global economy and financial markets, restore confidence, and prevent deep and prolonged negative economic impacts.

He highlighted that “since the last meeting of G20 Finance Ministers and Central Bank Governors in February, the global economy outlook has significantly deteriorated and that the evolution and global spread of the COVID-19 pandemic has impacted the global economy at the backdrop of disruption in elements of both supply and demand.”

During the meeting, G20 Finance Ministers and Central Bank Governors agreed to closely monitor the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase. They also agreed to develop a joint G20 Action Plan in response to COVID-19, which will outline the individual and collective actions that G20 has taken and will be taking to respond to the COVID-19 pandemic.

Furthermore, the Finance Ministers and Governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the COVID-19 pandemic.

They also discussed the role of the IMF, working closely with the World Bank Group and other International Financial Institutions, to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies.

The Saudi Finance Minister concluded the virtual meeting by emphasizing the need for G20 to enhance its cooperation in addressing the COVID-19 pandemic. He highlighted that the G20 should be ready to undertake further emergency response to address this global crisis and set a vision for the medium- and long-term actions that will foster a rapid recovery in the economy and catalyze the potential for stronger economic growth.

G20 Finance Ministers and Central Bank Governors will meet virtually on a regular basis to continue their discussion and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic, a press release from the group added.

​​​​​​​The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, ​Republic o​f Korea, Turkey, the United Kingdom, the United States and the European Union (EU)​.

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