Covid-19 update: G20 reads $ 5 trillion war chest to fight coronavirus – India news

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Prime Minister Narendra Modi interacting with fellow world leaders during the virtual G20 Summit to advance a coordinate global response to the COVID-19 pandemic.

The G20 countries on Thursday announced they would invest more than $ 5 trillion in the global economy to counter the social and economic effects of the Covid-19 pandemic and protect jobs and revitalize growth.

Prime Minister Narendra Modi, who joined the extraordinary summit of G20 leaders, said the pandemic was an opportunity to create a new concept of globalization that was not focused solely on the economic agenda. He also called for a reform of the WHO based on last-century models, in line with people familiar with the development.

The summit, convened by Saudi Arabia’s G20 president on Modi’s proposal, marked the first time the group’s leaders had met through a video conference and discussed issues that were not focused on economics and finance.

A statement released after the meeting stated that the G20 will work with the World Health Organization (WHO), the International Monetary Fund (IMF), the World Bank and the United Nations to protect lives, protect jobs, maintain financial stability and revitalize growth, minimize disruption into trade and global supply chains and assist all countries.

“We are investing over $ 5 trillion in 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 G20 said.

The grouping of the 19 largest economies in the world and the European Union will also take “immediate and strong measures to support our economies; protect workers, enterprises – especially micro, small and medium-sized enterprises – and the sectors most affected. “

The people quoted above, who spoke on condition of anonymity, said that during his statement and intervention at the summit, Modi said the G20 focused on a purely economic plan to define globalization after mitigating the effects of the 2008 financial crisis.

However, this form of globalization has failed in the world order as multilateral fora have become a platform to balance competing interests instead of taking collective interests in areas such as terrorism and climate change, Modi said.

The Covid-19 pandemic offers an opportunity for the G20 and the international community to look at a new concept of globalization that focuses on the collective well-being of humanity and collective interests in areas such as counter-terrorism or climate change and future pandemics, Modi said at the summit.

Modi has called for the strengthening and reform of intergovernmental organizations such as WHO, which continue to build on the model of the past century and have not adapted to new challenges, people said.

He also called for new crisis management protocols and procedures for an interconnected global village and joint efforts to reduce the economic hardship caused by the pandemic, especially for the economically disadvantaged, the people said. It should also openly share the benefits of medical research and the development of adaptable, adaptable and affordable health systems and resources that can be deployed worldwide.

“In a sense, the prime minister spoke about small emerging and developing countries that were voiceless in this forum, and this approach represents the continuity of our domestic politics,” said the person who did not want to be named.

Modi pointed out that 90% of Covid-19 infections and 88% of deaths were in G20 countries, representing 80% of world GDP and 60% of the global population. He called on the G20 to come up with a concrete action plan to combat the pandemic.

It was noted that the world community was still trying to establish a coordinated response three months after the crisis began, though a virtual tip showed the world community could come together, people said.

The G20 summit was held against the backdrop of the failure of the UN Security Council, currently led by China, to convene a single pandemic-focused meeting. The WHO also faced some criticism for not acting decisively in the crisis.

The G20 press release states that the unprecedented pandemic is “a strong reminder of our interconnectedness and vulnerability” and the fight against the virus will require a “transparent, robust, coordinated, global response on a large scientific basis.”

“We will share timely and transparent information; exchange epidemiological and clinical data; distribute materials needed for research and development; and strengthen health systems globally, including support for the full implementation of WHO international health regulations (IHR 2005). “

The said people said the talks were co-operative and did not mention the origin of the virus – which referred to efforts by countries such as the US to label Covid-19 as a “Wuhan virus”.

“The WHO’s mandate is quite limited to address the issues that would allow it to be at the forefront of dealing with such pandemics. It needs to be empowered to take the lead and strengthen its ability to provide early warnings, help states develop protocols and forge common solutions for future crises, “the person said.

People said further discussions were underway with members of the G20 to devise an “action document” with some steps to be taken to combat the pandemic and its fallout.

. (ToTranslate tags) coronavirus