Finance ministers and governors of central banks of the G20 member states have agreed to deliver a roadmap to address the debt burden of low-income countries and deliver aid to emerging markets in response to the coronavirus COVID-19 crisis.
Following a virtual meeting on Tuesday 31 March 2019, hosted by Saudi Arabia, the officials announced that the G2o will inject $5 trillion into the global economy to combat the effects of the anticipated recession as a result of the pandemic.
They also discussed the role of the International Monetary Fund (IMF), the World Bank and other international financial institutions to make resources available and explore measures to support emerging markets and developing economies. The additional measures aim to support financial stability and alleviate liquidity constraints.
The G20 finance ministers and central bank governors welcomed the World Bank Group’s $160 billion relief package to be deployed over the next 15 months to support its member countries to respond to the crisis.
The next virtual meeting is scheduled for April 15.