Coronavirus crisis: G-20 meeting of health, finance ministers soon

Health and finance ministers from G-20 countries are expected to attend a ‘virtual’ meeting soon to discuss ways to deal with the Kovid-19 epidemic worldwide. The logistics of this meeting are still being finalized, but can be held within weeks, Business standard has learned.

Under the G-20 Kovid-19 Global Plan Plan, “We are committed to working with the Health Ministers to address the effects of the COVID-19 pandemic and look forward to a joint meeting of Finance and Health Ministers,” Which was released on Thursday. The action plan has been co-issued by the finance ministers of the G-20 nations, including India’s Nirmala Sitharaman.

However, a senior government official said on the condition of anonymity that the meeting could take place in a few weeks rather than months.

According to the Action Plan, the G-20 nations support the suspension of loan payments by the poorest countries for loans received from multilateral institutions such as the World Bank, the International Monetary Front and others.

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“We support the timely suspension of debt service payments for poor countries that request prohibition. We ask multilateral development banks to explore options for suspension of debt service payments over the suspension period, while maintaining their current ratings and low cost of funding. We call on creditors to closely coordinate the implementation phase of this initiative, ”the action plan states.

According to the action report, the G-20 nations committed to allocating all necessary and available resources to fight the Kovid-19 epidemic. The Action Report states that emergency trade measures designed to deal with COVID-19 should be targeted, proportionate, transparent and temporary if deemed necessary.

“We welcome the decision by central banks to support global financial stability and resilience, including the deployment and expansion of bilateral swap lines and the introduction of repo facilities for sovereign debt, consistent with their mandates.”

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“We support further evaluation of the proposed epidemic preparedness global initiative of the G20 Presidency, along with the G20 Health Ministers, for further reports by WHO and related organizations that conduct long-term reviews on the epidemic preparedness gap” We are committed to review together. The report states that we work on G20 Infrastructure’s efforts to increase infrastructure resilience against the risks from the epidemic.

The G20 nations are also committed to continuing a comprehensive package of monetary and regulatory policy measures to support economic and financial stability, and with fiscal response, ensure a reasonable overall degree of macroeconomic policy support .

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