The G20, as part of the Saudi G20 Presidency, has taken immediate and exceptional measures to respond to the COVID-19 pandemic
The COVID-19 pandemic has presented protracted global health, humanitarian, and economic challenges. In response, the G20 reinforced its focus on protecting lives and livelihoods whilst shaping a better world to realize the opportunities of the twenty-first century for all. We will do this by laying the foundations to restore strong, sustainable, balanced and inclusive growth.
The pandemic has impacted countries and individuals across the entire globe. Underserved and vulnerable groups, including women, young people, and low-income communities, have been disproportionately impacted.
The G20 under the Saudi Presidency focused on issues and challenges that have an impact on sustainable development including structural inequalities and debt repayments at a time when resources are needed to tackle the pandemic and protect sustainable development.
G20 members adopted immediate and exceptional measures to address the pandemic's impact, including the implementation of unparalleled fiscal, monetary and financial stability actions.
G20 countries have injected more than USD 11 trillion to support the global economy. And bridge the health funding gap with USD 21 billion to enhance pandemic preparedness and response.
The G20 launched its historic G20 Debt Service Suspension Initiative (DSSI), providing the poorest and most vulnerable countries with urgent and immediate liquidity relief from official bilateral creditors. The initiative allows USD 14 billion just in 2020 to strengthen the fight against the pandemic and its social and economic impacts. Forty-six low-income countries have already benefited from this initiative, including the most vulnerable.
In addition, Multilateral Development Banks (MDBs) are working to provide USD 75 billion from April to December 2020 to DSSI eligible countries as part of a broader USD 230 billion package for emerging and low-income countries as a response to the pandemic.
H.E the Minister of Finance Mr. Mohammed bin Abdullah Aljadaan stated, “The upcoming G20 Leaders' Summit will seek to strengthen international cooperation to support the global economic recovery and lay solid foundations for strong, sustainable, balanced and inclusive growth, building on the success of the extraordinary G20 Leaders’ Summit in March 2020".
He noted: “We have an opportunity to recover stronger and more sustainably from this pandemic, with greater social and economic inclusion. The Saudi G20 Presidency took swift and unprecedented actions, facilitating the path to shape a better post COVID-19 world. Through a united global response, the G20 is determined to continue tackling the major challenges of our time and work towards finding solutions.”
The Saudi G20 Presidency theme of the Summit – Realizing Opportunities of the 21st Century for all – is the guiding principle in its policy and decision-making process.
Further information about the G20, including the Presidency Agenda and full program of events, visit www.g20.org.