Coronavirus: G20 nations to pump in $5 trillion into global economy, China says cut tariffs

Coronavirus: G20 nations to pump in $5 trillion into global economy, China says cut tariffs

The G20 nations have resolved to collectively inject $5 trillion into the global economy to combat the disruption caused by the coronavirus pandemic on economies world over. Saudi Arabia, which is the current chair of G20, urged the grouping to form a coordinated response to tackle the global crisis, India Today reports.

In a virtual G20 Summit, the member states pledged a "united front" in the fight against the coronavirus pandemic.

"We are injecting over $5 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," the leaders said in a statement after an emergency online summit.

Besides this, the world leaders also pledged to work swiftly with multilateral bodies such as the International Monetary Fund, the World Health Organisation and regional banks to deploy a "robust" financial package to support developing nations, news agency AFP reported.

In his address to the G20 summit, Chinese President Xi Jinping called for an "all-out global war" against novel coronavirus and proposed tariff cuts and removal of trade barriers to prevent the global economy slipping into recession.

Speaking at the emergency G20 Summit on Covid-19 through videoconference, President Xi said the world needs to be resolute in fighting an all-out global war against coronavirus which has created an unprecedented health crisis.

"This is a virus that respects no borders. The outbreak we are battling is our common enemy. All must work together to build a strongest global network of control and treatment that the world has ever seen," Xi said.

Leaders of the G20 major economies held the online summit in a bid to fend off a coronavirus-triggered recession, after criticism the group has been slow to address the crisis.

The emergency videoconference was chaired by Saudi Arabia's King Salman. The talks come as the global death toll from Covid-19 soared to more than 21,000 and over three billion people were locked down in their homes, triggering a massive financial shock worldwide.