G20: US$5 trillion pledge to handle coronacrisis, Vietnam shares experience in pandemic battle

In the recent statement, G20’s leaders committed a US$5 trillion impetus to work out economic consequences caused by Covid-19. Also in the meeting, Vietnam’s leader shared experiences in pandemic prevention and control.

VNF/The Guardian/ VGP

March 27, 2020 | 21:31

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g20 us 5 trillion pledge to handle coronacrisis vietnam shares experience in pandemic battle

Prime Minister shares Viet Nam’s COVID-19 battle experiences at G20 meeting - Photo: VGP

A call by the International Monetary Fund (IMF) for a doubling of its funding to $2tn was not addressed specifically in the communique. The statement said G20 members had undertaken a $5tn stimulus through targeted fiscal policy and insurance schemes, and members would look to increase funding to multilateral bodies as required. Central bank governors were urged to draw up an action plan in conjunction with finance ministers.

In a joint statement, leaders of the 20 largest economies in the world, under the chairmanship of the G-20 president Saudi Arabia, “there is everything to do with the pandemic, and to overcome them”. The members of the Group of Twenty, met one and a half-hour-long video.

The communique committed to ensuring the cross-border flow of vital medical supplies, agricultural products, and other goods and services. Some countries have been withholding export permits of medicines or masks.

The G20 statement said: “We stress the importance of responsible communication to the public during this global health crisis.”

The G20 communique reflected concern about the impact of the disease on health networks in poor countries. “We are gravely concerned with the serious risks posed to all countries, particularly developing and least developed countries, and notably in Africa and small island states,” it said.

Vietnam voices their experience in Covid-19 combat

Speaking at the event, Vietnam Prime Minister Nguyen Xuan Phuc emphasized the importance of global and regional solidarity, cooperation and coordination, affirming Viet Nam’s determination and commitment combating COVID-19.

The leader stressed that Viet Nam persistently pursues the dual goal of controlling the disease and continuing to promote economic development and ensure social welfare.

Viet Nam, in its role as ASEAN Chair 2020, has been joining other ASEAN member countries in upholding the spirit of a “cohesive and responsive” community, taking drastic measures, fostering coordination in fighting the pandemic and sharing information and experience with many G20 countries and partners in this regard, he said.

The PM welcomed the important role and active contributions of the G20 as well as international organizations, such as the United Nations, the World Health Organization (WHO), the International Monetary Fund (IMF) and the World Trade Organization (WTO), in the battle against COVID-19.

He shared with the leaders measures on cooperation and joint action in coping with the COVID-19 outbreak such as information and experience exchange, technological assistance in testing, controlling and treating the disease, while taking advantage of the support, cooperation and involvement of people, social organizations and armed forces.

PM Phuc participating in the summit and sharing strong measures to promote cooperation has affirmed Viet Nam’s support and cooperation for the G20 and the international community in combating the epidemic, showing Viet Nam as a proactive and active member with responsible contributions to enhancing global cooperation in response to common challenges.

Coronavirus pandemic has delivered the fastest, deepest economic shock in history, according to a recent analysis on the Guardian.

The shock to the global economy from Covid-19 has been faster and more severe than the 2008 global financial crisis and even the Great Depression. In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed, unemployment rates soared above 10% and GDP contracted at an annualized rate of 10% or more. But all of this took around three years to play out. In the current crisis, similarly dire macroeconomic and financial outcomes have materialized in three weeks.

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VNF/The Guardian/ VGP