G20 leaders to inject $8 trillion into global economy to fight coronavirus

Leaders of the Group of 20 major economies, known as the G20, have pledged to inject $US5 trillion ($8.2 trillion) in fiscal spending into the global economy to ease the economic impact of coronavirus.

Showing more unity than at any time since the 2008-2009 financial crisis that led to the G20’s creation, the leaders said they committed during a videoconference summit to implement and fund all necessary health measures needed to stop the virus’s spread.

In a joint statement, the group pledged to ensure the flow of vital medical supplies and other goods across borders and to resolve supply chain disruptions.

As many countries enact export bans on medical supplies, the G20 leaders said they would coordinate responses to avoid unnecessary interference, doing “whatever it takes to overcome the pandemic”.

The G20 leaders also expressed concern about the risks to fragile countries, notably in Africa, and populations like refugees, acknowledging the need to bolster global financial safety nets and national health systems.

“We are strongly committed to presenting a united front against this common threat,” the G20 leaders said in the joint statement that was released after their 90-minute call.