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UK News Coronavirus and economy: G20 leaders promise $5trn to ward off global downturn

23:41  26 march  2020
23:41  26 march  2020 Source:   inews.co.uk

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By Stephen Kalin. RIYADH (Reuters) - Leaders of the Group of 20 major economies pledged on Thursday to inject $ 5 trillion (4.1 trillion pounds) in fiscal spending into the global economy to blunt the economic impact of the coronavirus and "do whatever it takes to overcome the pandemic.".

Leaders from the Group of 20 major economies will speak by video link on Thursday about combating the coronavirus pandemic and its economic impacts. Global infections top 471,000 with more than 21,000 dead, according to Reuters. G 20 finance ministers and central bankers agreed this week to

Roberto Azevêdo, Xi Jinping posing for the camera © Provided by The i

The world’s 20 biggest countries are committing a combined $5trn (£4.1trn) to the global economy tin an attempt to tackle the effects of the Covid-19 pandemic.

The G20 group, which comprises the world’s major industrialised nations, said the funds would be used to help alleviate the financial and social impact of the coronavirus outbreak.

a man standing in front of a flat screen television © Provided by The i What the UK lockdown rules mean for you Coronavirus symptoms explained How the NHS volunteering scheme works Supermarket opening times during the pandemic Follow our liveblog here

The group also said it was “committed to do whatever it takes” to overcome the pandemic, and would “spare no effort” to protect lives, safeguard jobs and preserve financial stability.

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G 20 leaders said that their countries pledged $ 5 trillion to battle the spreading coronavirus pandemic, calling “We are injecting over US $ 5 trillion into the global economy , as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial

Leaders from the Group of 20 major economies will speak by video link on Thursday about combating the coronavirus pandemic and its The U.S. Chamber of Commerce urged G 20 leaders to match a pledge by countries like Australia and Canada to keep supply chains open and avoid export controls.

The United Kingdom will also donate a further £210m towards the worldwide effort to develop a vaccine for the virus.

Virtual G20 summit

The UK has been the biggest contributor to the vaccine fund, committing a total of £544m. Japan were also represented at the meeting (Photo: JAPAN'S CABINET PUBLIC RELATIONS/AFP/Getty)

Downing Street announced the move after the Prime Minister Boris Johnson took part in a virtual summit of the G20 leaders.

The international race to find a vaccine is being co-ordinated by the Coalition for Epidemic Preparedness Innovations, which is based in Norway. It has appealed for $2bn to accelerate its work.

The UK has been the biggest contributor to the vaccine fund, committing a total of £544m.

The director of the Wellcome Trust, an independent health foundation, has said $8bn would be needed for the immediate research and development needs behind creating, testing and trialling a potential vaccine –excluding the cost of manufacturing and distributing any vaccine.

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Coronavirus counter with new cases, historical data, and info. The coronavirus COVID-19 is affecting 194 countries and territories around the world and 1 international conveyance (the Diamond Princess cruise ship harbored in Yokohama, Japan).

video call with G 20 leaders as they desperately try to forge united front against coronavirus G 20 leaders have held a video conference as they plot a coronavirus response Saudi Arabia urging countries to pump more funding into a vaccine for the virus restore confidence in the global economy .

Around 60 research projects worldwide are working to develop a vaccine.

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'Bold and large-scale fiscal support'

Mr Johnson said: “While our brilliant doctors and nurses fight coronavirus at home, this record British funding will help to find a vaccine for the entire world. UK medics and researchers are at the forefront of this pioneering work. My call to every G20 country and to governments around the world is to step up and help us defeat this virus.”

Donald Trump, Emmanuel Macron, Vladimir Putin and Xi Jinping were among the leaders on the conference call, which was hosted by the King of Saudi Arabia.

In a joint statement, they said they would take whatever steps were necessary to combat Covid-19. They pledged to offer “bold and large-scale fiscal support” to protect their economies, with a focus on small and medium-sized companies.

“We are injecting over $5trn into the global economy... to counteract the social, economic and financial impacts of the pandemic,” they said.

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