Joint G20 Action Plan to battle the pandemic
In a virtual meeting attended by the finance ministers and central bank governors of the G20 conglomeration, a decision was taken to deliver a joint action plan to battle the pandemic.
The joint G20 Action Plan will outline the individual and collective actions that G20 has taken and will be taking to respond to the contagious coronavirus. The road map to mitigate this global health exigency will also be highlighting the medium-term measures needed to support the global economy during and after this phase.
The meeting also encompassed a discussion on the risk of debt vulnerabilities in low-income countries ravaged by the Covid-19 outbreak. An understanding was also reached about the need to reach out to relevant international organisations, such as the IMF and the World Bank Group, to swiftly deliver appropriate financial assistance to emerging markets and developing countries to cope with the challenges. The ministers also decided to collaborate with the Financial Stability Board in its capacity to coordinate regulatory and supervisory measures taken by countries in response to the disease.