Coronavirus: G-20 countries to inject $5 trillion in global economy to fight pandemic

The Group of 20 countries on Thursday pledged to put up a “united front” against the coronavirus pandemic, and said they would inject $5 trillion (Rs 374 lakh crore) into the world economy to counter the impact of the crisis, AFP reported. Globally, over 4.92 lakh people have been infected and over 22,000 killed by Covid-19, according to an estimate by Johns Hopkins University.

“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 summit, which was conducted via video conferencing and was hosted by Saudi Arabia.

The G-20 nations also agreed to cooperate with the International Monetary Fund, the World Health Organization and regional banks to deploy a “robust” financial package to support developing countries in their fight against the pandemic.