G20 countries plan to invest 5 trillion USD in the global economy to counter the social, economic and financial consequences of the coronavirus pandemic.

Heads of State or Governments of the top 20 industrialized and emerging nations made a video conference and in a statement afterward made it clear that a common fight against the virus was “our absolute priority”. Life must be protected and jobs and prosperity secured.

Countries have also pledged to work with international organizations such as the World Health Organization (WHO) and the International Monetary Fund (IMF) to provide a “stable” financial package.

Everyone is determined to restore confidence, provide financial stability and strengthen the economy again. All countries should be supported, especially the weakest, the statement said. The background to the decision – the fear that the virus will spread to poorer countries around the world in the coming weeks – many of which do not have a functioning health system.

Prior to the summit, the International Monetary Fund and the World Bank agreed to assess for the G20 which countries can no longer bear their debt and in urgent need of financial assistance. IMF Director Kristalina Georgieva says the fund is ready to provide its total 1 trillion USD in credit capacity. Earlier, she said the IMF expects at least as deep a recession as it did during the 2008 financial crisis.

The G20 Presidency is currently under Saudi Arabia. That is why King DescriptionSalman bin Abdulaziz Al Saud acts as the host of the videoconference and initially called for a concerted effort in the study of the vaccine.

The conference was attended by US President Donald Trump, his Chinese counterpart Xi Jinping, Russian President Vladimir Putin, and German Chancellor Angela Merkel.

An earlier statement released indicates that the G20 has agreed on some specific steps. They intend to expand their production capacity for medical supplies in order to ensure that “wherever necessary, these goods are accessible, balanced and affordable as soon as possible”.

In addition, states want to coordinate more closely, including with the private sector, “so that diagnostic procedures, antiviral medicines, and vaccines can be developed, produced and disseminated quickly, effectively, safely, fairly, in an affordable way”.

The G20 shows deep concern about the “serious risks”, especially for developing countries, Africa and small island countries, “as well as the particular risk to which refugees and displaced persons are exposed”. Strengthening the health system in Africa is “very important for the sustainability of global health”. “We are ready to mobilize resources for development policies and humanitarian measures”, the G20 states further.