G20 countries to inject $5 trln to combat global economic slowdown

The G20 nations on Thursday pledged a "united front" in the fight against the coronavirus pandemic, and said they will inject USD 5 trillion into the global economy to counter the impact of the crisis.
 

"We are injecting over USD 5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic," the leaders said in a statement after an exceptional summit.
 

They also pledged to work with multilateral bodies such as the International Monetary Fund, the World Health Organization and regional banks to deploy a "robust" financial package to support developing nations. 
 

"This response will help the global economy recover," the statement said.
 

As for the poorer countries, the International Monetary Fund and World Bank have urged the G20 to support its call for governments to put debt payments on hold.
 

On the fight against the COVID-19, the G20 leaders pledged to implement a number of measures including sharing research and data, enhancing health systems, and expanding manufacturing capacity to meet demand for medical supplies.