G20 pledges to do "whatever it takes" to tackle Covid-19 pandemic

updated: 26 March 2020 at 2:58pm Author: Abigail Townsend

(Sharecast News) - The G20 insisted on Thursday it would do "whatever it takes" to overcome the coronavirus outbreak.
The member countries said they were committed to using all available policy tools to minimise the economic and social damage, restore global growth, maintain market stability and strengthen resilience.

In a joint statement following an extraordinary leaders' summit on the pandemic, which it called a "powerful reminder of interconnectedness and vulnerablility", the G20 said tackling the crisis and the health, social and economic fallout was its "absolute priority".

"The G20 is committed to do whatever it takes to overcome the pandemic, along with the World Health Organisation, International Monetary fund, World Bank, United Nations and other international organisations."

"We are currently undertaking immediate and vigorous measures to support our economics....We are injecting over $5trn into the global economy as part of targeted fiscal policy, economic measures and guarantee schemes."

The G20 said it supported measure taken to date by central banks, and noted: "We will continue to conduct bold and large-scale fiscal support."

The statement concluded: "We stand ready to react promptly an take any further action that may be required. We express our readiness to convene again as the situation requires. Global action, solidarity and international cooperation are more than ever necessary to address this pandemic."

The language used in the statement echoed that used by individual governments and central banks in recent days. UK chancellor Rishi Sunak pledged to do "whatever it takes" to support British business through the crisis, while Christine Lagarde, president of the European Central Bank, tweeted: "There are no limits to our commitment to the euro," which in turn echoed former incumbent Mario Draghi, who said at the height of the Eurozone crisis he would do "whatever it takes" to preserve the single currency.

It also chimes with the G7, which on Wednesday pledged to do "whatever is necessary" to help support the global economy after finance ministers and central bank governors from the seven member countries held a weekly conference call.

Members of the G20 include Brazil, Canada, France, Germany, South Africa, Japan, the UK, US and Saudi Arabia, the current president.