G20 nations to inject $5 trillion to combat Covid-19

The G20 nations have agreed to collectively inject $5 trillion into the world economy to counteract the social, economic and financial effects of the Covid-19 pandemic that has infected close to 5,00,000 people across countries and claimed more than 22,000 lives.

Prime Minister Narendra Modi, who represented India in a video-conference of G20 economies on Thursday, stressed on a new concept of globalisation that focusses on humanity and collective welfare rather than individual interest, a source privy to the meeting told BusinessLine.

“Leaders from all participating countries agreed to make collaborative effort to develop therapeutic solutions like vaccines, make diagnostics more effective and make testing kits and other equipment more freely available, especially to countries that lack resources,” the source said.

The nations also pledged to ensure flow of medical supplies and critical agricultural products across borders and work together to facilitate international trade. There was full support for strengthening the WHO’s mandate to fight the pandemic and the members agreed to provide resources to poorer countries and come up with a Covid Solidarity Response Fund.

“Sherpas from all G20 countries would finalise the actionable points so that G20 countries can come together,” he added.