G20 leaders to Inject Five Trillion Dollars to Fight COVID-19

The G20 leaders pledge to inject almost five trillion dollars into the global economy in order to support efforts in curbing the spread of COVID-19 pandemic and contain its social and economic impacts. This is announced as confirmed cases of cornavirus surpassed half a million.

The leaders, in a joint statement released today from their virtual summit, promised to take all necessary health measures and seek to ensure adequate financing to contain the pandemic and protect people, especially the most vulnerable.

“We are injecting over USD4.8 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic,” read the statement.

As of March 26, 2020, COVID-19 infected over 510,108 people, while killing 22,993 people. More than 3000 cases of the virus are also confirmed in Africa, which has a fragile health system.

“We are gravely concerned with the serious risks posed to all countries, particularly developing and least developed countries, and notably in Africa and small island states, where health systems and economies may be less able to cope with the challenge, as well as the particular risk faced by refugees and displaced persons,” the statement of the leaders reads.

Earlier this week, Prime Minister Abiy Ahmed urged leaders of G20 to assist Africa with USD150 billion funding in a bid to cope up with the coronavirus crisis.  The East African country also proposed that all interest payment to government loan should be written off.