Extraordinary G20 Leaders’ Summit Issues Statement on Coronavirus

Extraordinary G20 Leaders’ Summit Issues Statement on Coronavirus
Extraordinary G20 Leaders' Summit Issues Statement on Coronavirus

Under the chairmanship of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Extraordinary G20 Leaders' Summit issued the following statement:

Theunprecedented COVID-19 pandemic is a powerful reminder of ourinterconnectedness and vulnerabilities. The virus respects no borders.Combatting this pandemic calls for a transparent, robust, coordinated,large-scale and science-based global response in the spirit of solidarity. Weare strongly committed to presenting a united front against this common threat.

Weare deeply saddened by the tragic loss of life and the suffering faced bypeople around the world. Tackling the pandemic and its intertwined health,social and economic impacts is our absolute priority. We express our gratitudeand support to all frontline health workers as we continue to fight thepandemic.

The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organization (WHO), International Monetary Fund (IMF), World Bank Group (WBG), United Nations (UN), and other international organizations, working within their existing mandates. We are determined to spare no effort, both individually and collectively, to:

Protectlives.

Safeguardpeople's jobs and incomes.

Restoreconfidence, preserve financial stability, revive growth and recover stronger.

Minimizedisruptions to trade and global supply chains.

Providehelp to all countries in need of assistance.

Coordinateon public health and financial measures.

Fightingthe Pandemic:

Wecommit to take all necessary health measures and seek to ensure adequatefinancing to contain the pandemic and protect people, especially the mostvulnerable. We will share timely and transparent information; exchangeepidemiological and clinical data; share materials necessary for research anddevelopment; and strengthen health systems globally, including throughsupporting the full implementation of the WHO International Health Regulations(IHR 2005). We will expand manufacturing capacity to meet the increasing needsfor medical supplies and ensure these are made widely available, at anaffordable price, on an equitable basis, where they are most needed and asquickly as possible. We stress the importance of responsible communication tothe public during this global health crisis. We task our Health Ministers tomeet as needed to share national best practices and develop a set of G20 urgentactions on jointly combatting the pandemic by their ministerial meeting inApril.

Wefully support and commit to further strengthen the WHO's mandate incoordinating the international fight against the pandemic, including theprotection of front-line health workers, delivery of medical supplies,especially diagnostic tools, treatments, medicines, and vaccines. Weacknowledge the necessity of urgent short-term actions to step up the globalefforts to fight the COVID-19 crisis. We will quickly work together and withstakeholders to close the financing gap in the WHO Strategic Preparedness andResponse Plan. We further commit to provide immediate resources to the WHO'sCOVID-19 Solidarity Response Fund, the Coalition for Epidemic Preparedness andInnovation (CEPI) and Gavi, the Vaccine Alliance, on a voluntary basis. We callupon all countries, international organizations, the private sector,philanthropies, and individuals to contribute to these efforts.

Tosafeguard the future, we commit to strengthen national, regional, and globalcapacities to respond to potential infectious disease outbreaks bysubstantially increasing our epidemic preparedness spending. This will enhancethe protection of everyone, especially vulnerable groups that aredisproportionately affected by infectious diseases. We further commit to worktogether to increase research and development funding for vaccines andmedicines, leverage digital technologies, and strengthen scientificinternational cooperation. We will bolster our coordination, including with theprivate sector, towards rapid development, manufacturing and distribution ofdiagnostics, antiviral medicines, and vaccines, adhering to the objectives ofefficacy, safety, equity, accessibility, and affordability.

Weask the WHO, in cooperation with relevant organizations, to assess gaps inpandemic preparedness and report to a joint meeting of Finance and HealthMinisters in the coming months, with a view to establish a global initiative onpandemic preparedness and response. This initiative will capitalize on existingprograms to align priorities in global preparedness and act as a universal,efficient, sustained funding and coordination platform to accelerate thedevelopment and delivery of vaccines, diagnostics and treatments.

Safeguardingthe Global Economy:

Wecommit to do whatever it takes and to use all available policy tools tominimize the economic and social damage from the pandemic, restore globalgrowth, maintain market stability, and strengthen resilience.

Weare currently undertaking immediate and vigorous measures to support oureconomies; protect workers, businesses—especially micro-, small andmedium-sized enterprises—and the sectors most affected; and shield thevulnerable through adequate social protection. We are injecting over $5trillion into the global economy, as part of targeted fiscal policy, economicmeasures, and guarantee schemes to counteract the social, economic andfinancial impacts of the pandemic.

We will continue to conduct bold and large-scale fiscal support. Collective G20 action will amplify its impact, ensure coherence, and harness synergies. 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. We ask our Finance Ministers and Central Bank Governors to coordinate on a regular basis to develop a G20 action plan in response to COVID-19 and work closely with international organizations to swiftly deliver the appropriate international financial assistance.

Wesupport the extraordinary measures taken by central banks consistent with theirmandates. Central banks have acted to support the flow of credit to householdsand businesses, promote financial stability, and enhance liquidity in globalmarkets. We welcome the extension of swap lines that our central banks haveundertaken. We also support regulatory and supervisory measures taken to ensurethat the financial system continues to support the economy and welcome theFinancial Stability Board's (FSB) announced coordination of such measures.

We also welcome the steps taken by the IMF and the WBG to support countries in need using all instruments to the fullest extent as part of a coordinated global response and ask them to regularly update the G20 on the impacts of the pandemic, their response, and policy recommendations. We will continue to address risks of debt vulnerabilities in low-income countries due to the pandemic. We also ask the International Labour Organization (ILO) and the Organisation for Economic Cooperation and Development (OECD) to monitor the pandemic's impact on employment.

AddressingInternational Trade Disruptions:

Consistentwith the needs of our citizens, we will work to ensure the flow of vitalmedical supplies, critical agricultural products, and other goods and servicesacross borders, and work to resolve disruptions to the global supply chains, tosupport the health and wellbeing of all people.

Wecommit to continue working together to facilitate international trade andcoordinate responses in ways that avoid unnecessary interference withinternational traffic and trade. Emergency measures aimed at protecting healthwill be targeted, proportionate, transparent, and temporary. We task our TradeMinisters to assess the impact of the pandemic on trade.

Wereiterate our goal to realize a free, fair, non-discriminatory, transparent,predictable and stable trade and investment environment, and to keep ourmarkets open.

EnhancingGlobal Cooperation:

Wewill work swiftly and decisively with the front-line internationalorganizations, notably the WHO, IMF, WBG, and multilateral and regionaldevelopment banks to deploy a robust, coherent, coordinated, and rapidfinancial package and to address any gaps in their toolkit. We stand ready tostrengthen the global financial safety nets. We call upon all theseorganizations to further step up coordination of their actions, including withthe private sector, to support emerging and developing countries facing thehealth, economic, and social shocks of COVID-19.

Weare gravely concerned with the serious risks posed to all countries,particularly developing and least developed countries, and notably in Africaand small island states, where health systems and economies may be less able tocope with the challenge, as well as the particular risk faced by refugees anddisplaced persons. We consider that consolidating Africa's health defense is akey for the resilience of global health. We will strengthen capacity buildingand technical assistance, especially to at-risk communities.

Westand ready to mobilize development and humanitarian financing.

Wetask our top relevant officials to coordinate closely in support of the globalefforts to counter the pandemic's impacts, including through proportionateborder management measures in accordance with national regulations and toprovide assistance where necessary to repatriate citizens.

Wevalue the efforts to safeguard our people's health through the postponement ofmajor public events, in particular the decision by the International OlympicCommittee to reschedule the Olympic Games to a date no later than summer 2021.We commend Japan's determination to host the Olympic and Paralympic Games Tokyo2020 in their complete form as a symbol of human resilience.

Westand ready to react promptly and take any further action that may be required.We express our readiness to convene again as the situation requires. Globalaction, solidarity and international cooperation are more than ever necessaryto address this pandemic. We are confident that, working closely together, wewill overcome this. We will protect human life, restore global economicstability, and lay out solid foundations for strong, sustainable, balanced andinclusive growth.

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