G20 leaders pledge $5trn, ‘united’ response to coronavirus crisis

Riyadh

G20 nations pledged a “united front” yesterday in the fight against coronavirus, saying they were injecting $5 trillion into the global economy to counter the pandemic amid forecasts of a deep recession. U S P r e s i d e n t D o n a l d Trump and Russian President Vladimir Putin joined the emergency videoconference chaired by Saudi Arabia’s King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.

“We are strongly committed to presenting a united front against this common threat,” the leaders said in a joint statement after the summit. “We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic.” G20 leaders also pledged to work with bodies such as the International Monetary Fund to deploy a “robust” financial package to support developing nations.

“It is our responsibility to extend a helping hand to developing countries and (the) least developed countries to enable them to build their capacities and improve their infrastructure to overcome this crisis and its repercussions,” King Salman said.