In few hours, the Saudi capital will host the largest gathering of global economies. The G20 summit, under Saudi Arabia's presidency, will kick-off on Saturday in an event held virtually due to the outbreak of the Covid-19 pandemic.
As the G20 member-states have earmarked $11 trillion to protect the global economy from the repercussions of the pandemic, this year’s agenda, under the leadership of Saudi Arabia, revolves around two strategic axes that focus on restoring growth and eliminating the effects of the coronavirus crisis.
Saudi Arabia affirmed that it had taken, during its G20 presidency, immediate and exceptional measures to address the crisis by applying unprecedented measures.
In this context, 46 low-income countries have benefited from the measures taken by the G20 to confront the Covid-19, as the virus had extensive negative effects on all countries and individuals around the world.
The Kingdom believes that the G20 countries, individually and collectively, were quick to respond to the pandemic in order to protect lives and livelihoods and support the global economy.
The G20 states have pumped more than $11 trillion to support the global economy and bridge the financing gap in the global health system with another $21 billion, with the aim to enhance pandemic preparedness and response.
Minister of Finance Mohammad Al-Jadaan stated that the G20 summit, under the Kingdom’s chairmanship, was keen to strengthen international cooperation to support global economic recovery and to lay solid foundations for a strong, sustainable, balanced and comprehensive growth.
“We have a chance to recover from the pandemic and return in a stronger and more sustainable way, with greater social and economic inclusion,” he remarked.
For his part, Minister of Investment Khalid Al-Falih said that the Kingdom’s hosting of the 15th session of the G20 leaders’ summit has proven its global role and efforts to achieve the goals of the G20.
“G20 countries have allocated $11 trillion to protect and support the global economy from the effects of the coronavirus pandemic,” he said, referring to the historic initiative to suspend debt payments of 73 countries in the world, worth $14 billion.
