RIYADH - Mubasher: The leaders of the Group of Twenty agreed, in an exceptional meeting by virtual means, today, under the chairmanship of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to pump $ 5 trillion into the global economy, as part of financial policies, economic measures and targeted security plans to counter the social, economic and financial impacts of a pandemic. Sk.
In a closing statement, the leaders emphasized commitment to protecting lives, preserving individual jobs and incomes, restoring confidence, maintaining financial stability, reviving growth and supporting a strong pace of recovery, and reducing disturbances to trade and global supply chains.
The leaders said: "We are currently taking strong and immediate measures to support our economies, protect workers and companies, in particular the micro, small and medium enterprises - and the sectors most affected, in addition to protecting vulnerable groups by providing appropriate social protection."
The leaders affirmed a commitment to provide assistance to all countries in need of support, to coordinate public health and financial measures, as well as a commitment to maintain the protection of lives, jobs and income, and a commitment to restore confidence in the global economy and achieve growth .
They said that the scale and scope of this response will restore the global economy to its threshold, while laying strong foundations for job protection and recovery.
The leaders asked the finance ministers and central bankers to coordinate with them periodically to develop an action plan to respond to the Corona virus (Covid-19), in addition to working closely with international organizations to provide appropriate international financial assistance and urgently.
They stressed the support for the exceptional measures taken by the central banks in line with their tasks. As these banks worked to support the flow of credit to families and companies, enhance financial stability, and raise the level of liquidity in global markets. We also welcome the extension of the currency swap arrangements made by our central banks.
The leaders supported the regulatory and supervisory measures taken to ensure the financial system continues to support the economy, and we welcome the coordination announced by the Financial Stability Board regarding these measures.
They welcomed the steps taken by the International Monetary Fund and the World Bank Group to support countries in need of assistance by using all tools to the maximum extent as part of a coordinated global response, and asked them to inform the Group of 20 periodically about the effects of this pandemic, and their response and recommendations to them.
The leaders said: "Addressing the health, economic and social impacts of the Corona pandemic is a priority for us ."
They emphasized taking the necessary measures to reduce the economic losses from the pandemic, calling on international organizations to clarify the impact of the pandemic on jobs.
They affirmed the continuation of providing broad and bold financial support, stressing that the collective measures of the Group of Twenty will work to amplify the impact of this support, and ensure its coherence, and benefit from the synergies between them.
“We task our senior officials to coordinate closely to support global efforts to counter the effects of the pandemic, including taking appropriate measures to manage borders in accordance with national regulations, and to provide assistance when needed to return citizens to their countries,” the leaders said.
They expressed deep concern about the grave risks facing all countries, especially developing and least developed countries, particularly in Africa and small island states, whose health systems and economies may be less able to adapt to this challenge, as well as about the risks faced by refugees and displaced persons.