Updated 41 min 24 sec ago
Saudi Arabia pledges commitment to driving global economic recovery from COVID-19 with G20
- G20 adopted an action plan in April aimed at supporting the global economy
- Al-Mouallimi said $14 bn ghas been allocated to 73 countries
RIYADH: Saudi Arabia has pledged its commitment to tackling the devastating impact of the coronavirus disease (COVID-19) pandemic on developing countries and some of society’s most vulnerable groups.
In reference to the Kingdom’s efforts during its chair of the G20 presidency this year, Saudi permanent representative to the UN, Abdallah Al-Mouallimi, said the group’s finance ministers and central bank governors had adopted an action plan in April aimed at supporting the global economy at this critical stage in the health crisis in order to achieve economic recovery as soon as possible.
The ambassador was speaking during a meeting with the UN secretary-general and representatives of G20 countries to discuss ways to provide the necessary financing for development during the COVID-19 period and beyond.
“To achieve a quick economic response, specifically targeting developing countries, the G20 countries have coordinated with international financial institutions to provide the necessary liquidity to needy countries around the world,” Al-Mouallimi said.
He pointed out that the G20 debt service suspension initiative was one of the programs benefiting nations in urgent need of liquidity, with $14 billion allocated to 73 countries, “which contributed to reducing the social and economic impacts of the coronavirus pandemic.”
The envoy added that the G20 would “consider the possibility of extending the debt service suspension initiative during its next meeting in October, in the event that more liquidity is needed for eligible countries.”
He said: “A rapid economic recovery will not be achieved unless it is comprehensive and does not exclude anyone, especially since the current health crisis revealed the urgent need to expand economic opportunities and make them available to all.”
Saudi Arabia is set to host the 15th G20 Summit in Riyadh on Nov. 21 and 22.
The COVID-19 pandemic has affected more than 28.5 million people globally and the death rate has topped 900,000.