Coronavirus, recession dominates Saudi-hosted G20 summit

23 Novembre, 2020, 04:40 | Auteur: Auguste Feret
  • CHINA Xi Jinping proposes Qr system to kick start international travel

Meanwhile, Prime Minister Narendra Modi reiterated the importance of reforms in multilateral organisations to ensure better global governance for faster post-Covid recovery at the G-20 Summit hosted by Saudi Arabia. The pandemic has offered the G-20 an opportunity to prove how such bodies can facilitate worldwide cooperation in crises - but has also underscored their shortcomings.

"We have a duty to rise to the challenge together during this summit and give a strong message of hope and reassurance", King Salman said in his opening remarks.

The helmsman of the world's second largest economy said China stands ready to step up cooperation with other countries on research and development, production and distribution of vaccines for COVID-19.

G20 members are: Saudi Arabia, the United States, Turkey, Canada, Mexico, Brazil, Argentina, France, the United Kingdom, Germany, Italy, South Africa, Russia, China, Japan, South Korea, India, Indonesia, Australia, and the EU.

The virtual gathering of the Group of 20 rich nations seeks to tackle the novel coronavirus pandemic and the faltering global economy.

The virus shows no signs of abating as major cities in the US and Europe bring back lockdowns and curfews.

G20 finance ministers will instead examine the recommendation when the International Monetary Fund and World Bank meet next spring "if the economic and financial situation requires" an extension by another six months, it said.

The International Labor Organization says an equivalent of 225 million full-time jobs were lost in G-20 countries alone in the third quarter of 2020.

The G20 is the world's leading forum for global economic cooperation, and it includes leaders from all continents representing developed and developing countries.

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In March, Xi called for a resolute all-out global war against the COVID-19 outbreak as leaders of the G20 convened an extraordinary online summit to coordinate multilateral response to the pandemic.

China supports the decision on DSSI extension and will continue to work with other parties for its full implementation, he said. The economic crisis arising as a effect of the virus has dominated the agenda at the two-day summit.

But while the USA was mainly cooperative, Turkey raised an objection to the climate language, tied to a longstanding complaint of how it can't access climate financing from the $10.3 billion Green Climate Fund. Turkey, because of a quirky diplomatic designation, falls in between the categories of developed and developing countries and as such neither gets, nor gives, funding to help cope with climate change.

Prime Minister Narendra Modi is among those participating in the closed-door virtual sessions that are taking place Saturday and Sunday.

"We will spare no effort to ensure their affordable and equitable access for all people, consistent with members' commitments to incentivise innovation".

A day ahead of the summit, U.N. Secretary-General António Guterres said another $28 billion would be required to mass manufacture, procure and distribute coronavirus vaccines around the globe.

G20 leaders, including US President Donald Trump who is refusing to concede a bitter election, popped up in multiple windows across a flickering screen, in a high-stakes webinar held amid the raging pandemic.

"The COVID-19 pandemic and its unprecedented impact in terms of lives lost, livelihoods and economies affected, is an unparalleled shock that has revealed vulnerabilities in our preparedness and response and underscored our common challenges", the final communique said.

G-20 nations have agreed to suspend debt payments for the world's poorest countries until mid-2021 to allow those nations to focus their spending on health care and stimulus programs.

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