riyadh-plans-to-convene-virtual-g20-meetto-tackle-covid-19-challenge-summary

Context: 

  • Saudi Arabia is in touch with other members of the G-20 group of developed and developing nations to convene an “extraordinary session" for preparing a common strategy to tackle the challenge posed by Covid-19. 
  • This comes as the number of those affected by the virus crossed the 200,000 mark.

Background:

  • The statement from Saudi Arabia, which holds the G20’s rotating presidency this year, followed a telephonic conversation between the kingdom’s Crown Prince and PM of India recently. 
  • The statement is a part of the need to coordinate and draw up a strategy at the G20 level, in order to deal with the COVID-19 outbreak.
  • The move comes amid fears of the world slipping into a recession comparable to the 2008 financial crisis that triggered the formation of the G20 as a grouping. 
  • Global markets have crumbled after the WHO  declared the Covid-19 outbreak a pandemic, spooking investors. 
  • Many countries have closed borders and imposed travel curbs besides advising shopping complexes to down shutters to curb the disease.

What is expected from G20?

  1. The G20 will act, alongside international organisations, in any way deemed necessary to alleviate the impact of the pandemic. 
  2. G20 leaders will put forward a coordinated set of policies to protect people and safeguard the global economy.
  3. The summit will build on the ongoing efforts of the G20 finance ministers and central bank governors, senior health, trade, and foreign affairs officials, to further develop the precise requirements and actions needed. 

Source:https://www.livemint.com/news/india/coronavirus-saudi-arabia-in-talks-to-convene-extraordinary-g-20-session-11584520237805.html