Group of 20 (G20) leaders agreed to inject US$5 trillion into global economy, it said in a joint statement released today (03/26) - Photo by King of Saudi Office

JAKARTA (TheInsiderStories) Group of 20 (G20) leaders agreed to inject US$5 trillion into global economy, it said in a joint statement released today (03/26). The virtual summit chaired by King of Saudi, Salman bin Abdulaziz Al Saud.

“We will do whatever it takes to overcome the pandemic, committed to presenting a united front against coronavirus, to restoring confidence, preserving financial stability, reviving growth and recovering stronger also to protect lives, safeguard jobs and income,” said the statement.

It said, the group joints with other countries, multilateral agency, World Health Organization (WHO) and United Nation, also agreed to prepare funds $4 billion to discovering COVID-19 vaccines. 

“We are determined to spare no effort, both individually and collectively, to protect lives, safeguard people’s jobs and incomes and restore confidence, preserve financial stability, revive growth and recover stronger. We are strongly committed to presenting a united front against this common threat,” the statement noted.

Tackling the pandemic and its intertwined health, social, and economic impacts is the absolute priority and the leaders agreed to overcome the virus outbreak.

“This crisis requires a global response, and the world is counting on us to cooperate and work together to face it. We should all take responsibility in funding research and development projects aiming to reach a vaccine for the coronavirus,” King Salman told the G20 leaders.

While, Indonesian President, Joko Widodo invites the leaders to jointly win two “wars” the COVID-19 and against the weakening of the world economy. According to him, the G20 must drive the world solidarity movement in handling the pandemic and encourage not to disrupt partnerships and cooperation that have been built for years.

“For this reason, the G20 must actively lead efforts to find anti-virus and COVID-19 drugs, of course with WHO,” said the President

He also encouraged G20 countries to work together and synchronize economic policies and instruments to counter the economic downturn as a result of coronavirus.

“We must prevent a global economic recession, through coordinated fiscal and monetary policies, and expand and strengthen the social safety net, especially for the medium and small enterprises,” said the head of states.

Widodo also pushed the G20 to maintain the stability of the financial sector, including maintaining the availability of liquidity and providing relaxation and support for the business community that was devastated by the COVID-19.

“With the high global financial turmoil, foreign exchange support is very important. I also support increasing the role of global and regional financial safety net including through the SDR swap line and currency swap facility, such as the Chiang Mai Initiative,” he asserted.

In addition, the President also conveyed the importance of G20 member countries to prevent production disruption and maintain the smooth distribution of goods. He also stressed the need for group to foster world confidence that we are able to win the “war” and overcome this crisis.

by Linda Silaen, Email: linda.silaen@theinsiderstories.com