G20 countries intend to pour more than $5 trillion into the world economy “through targeted fiscal policies, economic measures and guarantee schemes to combat social, economic and financial consequences of a pandemic”, stated in the “Final Declaration” of the summit, which was held in an online format.
The statement also notes that States “group of twenty” will coordinate measures in the economic sphere, taken to counter the effects of the pandemic coronavirus.
The communiqué also stressed that G20 members will “do everything possible and use all available policy instruments to minimize the economic and social impact of the pandemic, to restore global growth, support the stability of the market”. Now the countries “the twenty” taking “immediate and decisive” measures to support the economy, noted in the document.
In addition, the G20 leaders asked the heads of Central Banks and Finance ministries of their countries “on a regular basis” to coordinate the development of the G20 action plan on overcoming the consequences of the pandemic COVID-19.
The leaders of the “group of twenty” at the end of “virtual summit” on Thursday agreed to fight together with the consequences of a pandemic of a new type of coronavirus in different spheres of life.
“We are strongly committed to form a United front in the face of this common threat,” – said in their joint statement. It notes that “the pandemic and its interrelated consequences in health, social life and economy is our absolute priority.”
Russian President Vladimir Putin proposed for the period of the pandemic coronavirus to impose a moratorium on sanctions in respect of goods of the first necessity, reports TASS. “Much is now said about the need to ensure the supply chain. It is definitely important. But it is equally important during the crisis to create a so-called green corridors, free from trade wars and sanctions mutual trade in medications, foodstuffs, equipment and technologies”, – said Putin in his speech at the G20 summit.
The G20 countries need a common plan to support economies, to stabilize the situation and restore confidence in global markets in the spread of the coronavirus, also said Putin. According to the Russian leader, a major role in raising global demand to play the national economy, but the possibility of borrowing for many countries in terms of volatility of the market is limited.
In addition, the President of the Russian Federation proposed to establish under the auspices of the International monetary Fund (IMF), the special Fund that will be financed by the Central banks and will go to the provision of borrowing at a zero rate for the implementation of measures to combat coronavirus.
As said the Russian leader should “provide every member of the IMF to borrow from the Fund proportionate to its share in the world economy at the zero rate for the long term”.
“In the end, it is a matter of life and death. This is purely a humanitarian issue, and we need to clean up these issues from all sorts of political stuff”, – Putin said.
Putin took part in the summit from his office in the Moscow suburb of Novo-Ogaryovo residence, RIA “Novosti”. The meeting itself was closed to the press. This format was chosen the host country – Saudi Arabia, told the press Secretary of the President Dmitry Peskov.