Saudi Arabia’s Minister of Finance Mohammed al-Jadaan said on Tuesday that 2020 remained the most challenging year in living memory for government, economies and individuals as the coronavirus pandemic continues to cause unprecedented economic, social, and health hardships.
Al-Jadaan was speaking during the opening ceremony of the 23rd Arab-German Business Forum, held virtually from 26-28 October.
The minister added that G20 members had injected over $11 trillion into the global economy this year in a bid to combat the coronavirus pandemic.
The Kingdom holds the presidency of the Group of 20 (G20) nations this year, and has led efforts by the group to help the global economy overcome the pandemic, which has led to a dramatic economy downturn, with experts predicted it will cause the greatest recession in nearly a century.
Despite the scale of the crisis, al-Jadaan noted that, “The international community, led by the G20, responded swiftly and significantly with multiple measures to protect lives and livelihoods,” according to a statement.
The G20 has also pledged over $21 billion to help provide short-term financing in the global healthcare battle against COVID-19, along with an estimated $14 billion in liquidity relief for the world’s most vulnerable countries through the G20 Debt Service Suspension Initiative.