Saudi Arabia has known as for a “digital” summit of leaders from the Group of 20 main economies subsequent week to deal with the coronavirus pandemic, a press release stated Wednesday.
“The Saudi G20 presidency is speaking with G20 international locations to convene a rare digital G20 leaders’ summit subsequent week to advance a coordinated response to the COVID-19 pandemic and its human and financial implications,” the assertion stated.
“G20 Leaders will put ahead a coordinated set of insurance policies to guard individuals and safeguard the worldwide financial system.”
The announcement comes after G20 monetary chiefs voiced “actual concern” final month at a summit in Riyadh over the financial shock waves from the unfold of the lethal virus.
Since then, international inventory and oil markets have slumped amid heightened considerations over the worsening outbreak.
Most market commentators agree that the virus-wracked world financial system will doubtless plunge into recession, which suggests a minimal of two successive quarters of financial contraction.
America and Britain are spearheading a multi-billion-dollar worldwide fightback towards financial havoc unleashed by the coronavirus, because the European Union shuts its borders to travellers from outdoors for 30 days.
The summit’s announcement by Saudi Arabia, the primary Arab nation to carry the G20 presidency, comes amid some criticism that the G20 group was sluggish to deal with the pandemic.
“The G20 is lacking in motion at the moment, not like 2008,” Ian Bremmer, president and founding father of the Eurasia Group, stated on Twitter.
One other commentator wrote on Twitter: “Nobody informed the Saudis something about managing a disaster. They stated okay to host a giant occasion that might enhance their picture!”
Saudi Arabia itself is bracing for a coronavirus-led financial hunch after it shut down cinemas, malls and eating places, suspended the year-round umrah pilgrimage and locked down japanese Qatif area — house to round 500,000 individuals — in a bid to include the lethal virus.
The highest crude exporter additionally faces plummeting oil costs, which slipped under $30 a barrel this week for the primary time in 4 years, on the again of sagging demand and a worth conflict with Russia.
The Saudi presidency is about to see it host world leaders for a summit in Riyadh from November 21 to 22.
It should maintain greater than 100 occasions and conferences within the run-up to the summit, together with ministerial conferences, organisers say.
Human rights teams have urged G20 member states to exert strain on the dominion over its intensifying crackdown on dissent, which has seen girls activists, journalists and political dissidents jailed.
Source : NDTV