$5 trillion will be injected into global economy; decided by group of 20 global leaders to counter the adverse impact of the COVID-19.
Official sources said that all the members at the G20 virtual summit were cooperative and focused on the resolution of the crisis,
This year’s chair King Salman bin Abdulaziz Al Saud of Saudi Arabia did set the goal and G20 virtual summit were absolute cooperative an foucused to the resolution of the crisis.
Purpose of the fund injection was unanimously agreed to collectively protect lives, provide help to all countries in need of assistance, coordinate on public health and financial measures, safeguard people’s jobs and incomes, restore confidence, preserve financial stability, revive growth and recover stronger.
In a joint statement, the G20 members said they will “minimise the economic and social damage from the pandemic, restore global growth, maintain market stability and strengthen resilience.”
Sources said that Prime Minister Narendra Modi at the summit made a pertinent point about how G20, which had mostly been a platform for financial and economic interests of individual countries, for the first time was serving the humanity and touching upon the human aspects of global collective conscience.
Though the pandemic has hit globalization, Modi at the summit said that the coming together of the world leaders for a humanitarian cause was a new form of globalisation.
It was the first ever virtual meet of the leaders from 20 major economies in the summit and also for the first time they came together to address a humanitarian crisis that erupted due to COVID-19 pandemic, which has affected over 490,000 people around the globe besides claiming more than 22,000 lives and unfortunately counting.
WHO has also mentioned in the recent past that India will play crucial part to combat the sudden pandemic to avoid many disastrous of future human kind and economy.