G20 countries pledge funds
Member countries of the Group of 20 pledged more than $21 billion to fight the coronavirus (Covid-19) pandemic, the group said on 6 June 2020. The G20, with invited countries, has coordinated the global efforts to support the fight against the Covid-19 pandemic. To date, G20 members and invited countries have pledged over $21 billion to support funding in global health. The announcement comes after the G20 countries injected more than $5 trillion into the global economy in late March to fight the virus and its economic impact.
- We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic, the G20 leaders said.
- Emergency measures aimed at protecting health will be targeted, proportionate, transparent, and temporary. We are strongly committed to presenting a united front against this common threat.
- At the time, the G20 leaders also asked the World Bank and the International Monetary Fund "to support countries in need using all instruments to the fullest extent."
- The latest data by US-based John Hopkins University shows that almost 7 million cases of Covid-19 have been confirmed across the world, and nearly 400,000 people have died as a result.
- The G-20 is a larger group of countries, which also includes G7 members.
- The G-20 was formed in 1999, in response to a felt need to bring more countries on board to address global economic concerns.
- Apart from the G-7 countries ( Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States ), the G-20 comprises Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.
- Together, the G-20 countries make up around 80% of the world’s economy.
- As opposed to the G-7, which discusses a broad range of issues, deliberations at the G-20 are confined to those concerning the global economy and financial markets. India is slated to host a G-20 summit in 2022.