Hosted by Saudi Arabia, G20 Ministers discuss economic recovery amid coronavirus

File photo of Saudi Minister of Finance Mohammed al-Jadaan speaks during a media conference with Saudi Arabia's central bank governor Ahmed al-Kholifey, in Riyadh, Saudi Arabia. (Reuters)

The virtual meeting of the G20 Finance Ministers and Central Bank Governors began on Saturday hosted by Saudi Arabia.

The talks are aimed at spurring global economic recovery from a coronavirus-triggered recession amid growing calls to widen debt relief for crisis-hit poor countries.

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The virtual talks come as the surging pandemic continues to batter the global economy and campaigners warn of a looming debt crisis across poverty-wracked developing nations.

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The ministers and bankers will “discuss (the) global economic outlook and coordinate collective action for a robust and sustained global economic recovery,” G20 organizers in Riyadh said in a statement.

The talks, chaired by Saudi Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey, come a day after the European Union held its first face-to-face summit in five months to discuss a post-virus economic rescue plan.

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Kristalina Georgieva, the International Monetary Fund's managing director, has warned that despite some signs of recovery, the global economy faces sustained headwinds, including the possibility of a second wave of COVID-19.

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Last Update: Saturday, 18 July 2020 KSA 17:17 - GMT 14:17
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