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PM Modi participated in Virtual G20 Leaders’ Summit to develop action plan against COVID-19; over USD 5 trillion to be injected

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On March 26, 2020, Prime Minister Narendra Modi participated in an extraordinary “Virtual Group of 20 (G20) Leaders’ Summit”which was hosted by Saudi Arabia Crown Prince Mohammed bin Salman Al Saud through video conference. It was held to discuss the challenges created by the COVID-19 and to develop an action planfor global coordinated response against it.G20 Leaders’ Summit

  • The summit followed the Finance Ministers and Central Bank Governors Meeting and G20 Sherpas Meeting on the COVID-19 pandemic which agreed to develop an action plan.
  • It should be noted that 90% of the coronavirus cases and 88% of deaths happened in G20 countries. They share 80% of world GDP and 60% of world population.

Decisions taken during the meet by G20 leaders:

-To inject over USD 5 trillion into the global economy to counter the social and economic impact of COVID-19. Leaders also agreed to contribute to the WHO led COVID-19 Solidarity Response Fund on a voluntary basis.

-To strengthen the WHO’s mandate to fight against pandemics which include delivery of medical supplies, diagnostic tools, treatments, medicines and vaccines.

-To minimize the economic and social cost of the pandemic by using available policy tools and to restore global growth, and market stability.

About G20 or Group of Twenty

Members– Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico,  ​Republic o​f Korea​,​ Russia, Saudi Arabia, South Africa, ​​​Turkey, United Kingdom (UK), United States (US), and European Union (EU)​. Spain is a permanent guest invitee to the G20 meetings.

Current Presidency– Saudi Arabia
2020 G20 Presidency theme– Realizing Opportunities of the 21st Century for All
Chairman– Saudi Arabian King Salman bin Abdulaziz Al Saud (2020)
2019 G20 Summit– Osaka, Japan