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G-20 leaders commit to 'whatever it takes' to overcome coronavirus pandemic

Jihye Lee and Vivian Nereim, Bloomberg News on

Published in News & Features

Leaders from the Group of 20 nations on Thursday said they were injecting more than $5 trillion into the global economy and committed to do "whatever it takes" to overcome the coronavirus pandemic and its fallout.

"The virus respects no borders," they said in a joint statement after an extraordinary G-20 leaders' summit convened virtually amid the outbreak. "We are strongly committed to presenting a united front against this common threat."

The gathering, chaired by Saudi Arabia, was joined by leaders from member countries and included representatives of international organizations such as the United Nations. Coordination among G-20 countries was instrumental for action to stabilize the global economy during the financial crisis that started in 2008.

"We will continue to conduct bold and large-scale fiscal support," the leaders said. "The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth."

In a statement after the video call, Indonesian President Joko Widodo referred to two "wars" the world was facing: against the virus and against the weakening of the world economy.

"G-20 must actively lead efforts to find anti-virus and Covid-19 drugs," he said. At the same time, "we must prevent a global economic recession, through coordinated fiscal and monetary policies, and expand and strengthen social safety nets."

 

The joint statement made no mention of the oil shock triggered by the price war between Saudi Arabia and Russia. The Trump administration is pressing Saudi Arabia to dial back its plan to flood the oil market after crude prices crashed to their lowest levels in almost two decades.

Secretary of State Michael Pompeo spoke with Saudi Crown Prince Mohammed bin Salman on the eve of the conference call in the most direct intervention yet by the U.S.

With parts of Europe and the U.S. in the grip of the outbreak, governments across the world are desperately trying to acquire and stockpile critical medical supplies such as masks, ventilators and gowns as frontline doctors and nurses face shortages. That's forcing many of the biggest makers to run factories around the clock to meet demand.

In a press release on Thursday, British Prime Minister Boris Johnson called on governments to work together "to create a vaccine as quickly as possible and make it available to anyone who needs it." He said the U.K. was pledging an additional 210 million pounds ($255 million) to that effort.

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