Fostering International Cooperation in Times of Crises

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Riyadh, Kingdom of Saudi Arabia: The Saudi G20 Presidency continues to move forward with its inclusive and bold agenda, in cooperation with G20 countries, in times of crisis. The 2020 G20 Presidency Agenda is committed to advance coordinated policy options to progress human wellbeing, a resilient recovery and sustainable future for all by empowering people, safeguarding the planet, and shaping new frontiers.

As the Presidency of the G20 in 2020, the Kingdom of Saudi Arabia plays a crucial role in leading and coordinating the G20 agenda and the global fight against COVID-19 to protect lives and livelihoods and safeguard the global economy. At the historic Extraordinary Leaders’ Summit held on March 26th, 2020, the leaders agreed to “spare no efforts” to overcome the pandemic, and to work alongside the international community to safeguard lives. Resulting in concrete actions taken by G20 members in line with the vision to protect people and support the most vulnerable.

G20 members took actions to fight against the pandemic by contributing at the outset of the crisis over $21 billion directed towards diagnostics, vaccines, and therapeutics for the benefit of humanity.

In addition, G20 members rapidly acted to protect businesses, trade, jobs, and industries. Collectively, members injected $5 trillion at the beginning of the crisis, pledging new and extraordinary contributions throughout the year. Currently reaching over $11 trillion, these measures have been introduced to safeguard the global economy and protect financial systems through targeted fiscal policy including, economic measures and guarantee schemes, to counteract the social, economic and financial impacts of the pandemic.

G20 members collectively put their efforts into protecting countries and populations in need, with 44 countries and over a billion people benefitting from the Debt Suspension Service Initiative (DSSI), which has made $14 billion available for these countries so they focus all their resources on fighting the pandemic rather than servicing their debt repayments.

Part of G20 efforts is  the G20 Action Plan, endorsed by the Finance Ministers and Central Bank Governors, which lays the foundations to recovery and is built on 3 pillars: (i)to save lives; (ii) support the vulnerable with international support; and (iii) and maintain conditions for a strong and sustainable recovery and inclusive growth with lessons for the future. 

2020 will be remembered as a year of change and the Saudi G20 Presidency will be remembered as a leader for a better future.