The G20 Summit in Saudi Arabia aims to recover economic growth
The recovery of economic growth and the fight against the coronavirus pandemic are two of the main objectives of the G20 summit in Saudi Arabia, which this weekend hosts the relevant meeting of leaders and heads of state.
The G20, under the rotating presidency of the Saudi kingdom, has taken immediate and exceptional measures to respond to the COVID-19 pandemic that has seriously affected the economies of countries and health systems around the world.
Underserved groups, such as women, youth and low-income communities, were greatly affected. In this regard, G20 actions have benefited 46 low-income countries in the fight against COVID-19. The COVID-19 pandemic has presented protracted health, humanitarian and economic challenges globally. In response, the G20 reinforced its focus on protecting lives and livelihoods while shaping a better world to seize the opportunities of the 21st century for all. The main bases at this point are to restore strong, sustainable, balanced and inclusive growth.
The coronavirus health crisis has affected countries and people around the world. Vulnerable and underserved groups, including women, youth and low-income communities, have been disproportionately affected.
The G20 under the Saudi Presidency focused on the issues and challenges that have an impact on sustainable development, including structural inequalities and debt repayment at a time when resources are needed to tackle the pandemic and protect sustainable development. G20 members took immediate and exceptional measures to address the impact of the health crisis, including the implementation of unprecedented fiscal, monetary and financial stability actions.
The G20 countries have injected more than 11 trillion dollars to support the world economy; including closing the $ 21 billion health financing gap to improve pandemic preparedness and response. The G20 launched its landmark G20 Debt Service Suspension Initiative (DSSI), which provides the poorest and most vulnerable countries with urgent and immediate liquidity relief from official bilateral creditors. The proposal grants 14,000 million dollars in 2020 alone to strengthen the fight against the pandemic and its social and economic impacts. 46 low-income countries have already benefited from this initiative, including the most vulnerable.
Also, the Multilateral Development Banks (MDBs) are working to grant 75,000 million from April to December 2020 to the countries selected for the DSSI as part of a broader package of 230,000 million for emerging and low-income countries in response to the pandemic.
Saudi Arabia’s Finance Minister, Mohammed bin Abdullah al-Jadaan, indicated that the G20 Summit aims to strengthen collaboration between nations to achieve economic recovery: “The next G20 Leaders’ Summit will seek to strengthen international cooperation to support recovery. global economy and lay a solid foundation for strong, sustainable, balanced and inclusive growth, building on the success of the extraordinary G20 Leaders Summit in March 2020 «.
“We have the opportunity to recover stronger and more sustainably from this pandemic, with greater social and economic inclusion. The Saudi G20 Presidency took swift and unprecedented action, paving the way for shaping a better world after COVID-19. Through a united global response, the G20 is determined to continue to address the major challenges of our time and work to find solutions, ”said the minister.