Coronavirus: G20 finance ministers agree on delivering joint action plan

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G20 finance ministers and central bank governors agreed to deliver on a joint G20 action plan in response to the coronavirus pandemic, according to a statement.

The ministers met virtually on Tuesday following the virtual G20 Leaders’ Summit on Thursday held under the Saudi G20 Presidency.

The group also addressed the debt vulnerabilities of low-income countries amid the coronavirus pandemic, and discussed the role of international financial institutions, such as the International Monetary Fund (IMF) and World Bank, in supporting emerging markets and developing economies during the crisis.

The ministers and governors noted the readiness of the World Bank to deploy as much as $160 billion over the next 15 months to support countries effected by the coronavirus, officially known as COVID-19.

“The G20 finance ministers and central bank governors tasked the relevant working groups to deliver on the roadmap by their virtual meeting on 15 April 2020. They agreed to continue to discuss and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic,” the statement read.

G20 leaders pledged last week to inject over $5 trillion into the global economy to limit job and income losses caused by border closures and sweeping shutdowns aimed at halting the spread of the disease.

Globally the coronavirus has infected nearly 800,000, with over 37,000 dead. Over 166,000 have recovered.

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