G20 Pledges $5 Trillion To Revive Global Economy, PM Calls For WHO Reform

Coronavirus pandemic: PM Modi said that the WHO is based on a last-century model and needs reform.

G20 nations Thursday pledged a “united front” in the fight against the coronavirus pandemic, and said they were injecting $5 trillion into the global economy to counter the impact of the crisis. Calling for a concrete action plan, Prime Minister Narendra Modi urged for reforming the World Health Organisation (WHO), sources said.

“Combatting this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity,” the G20 said in a statement after an emergency online summit.

“We are strongly committed to presenting a united front against this common threat.”

The group of 20 most industrialised nations said they were injecting over $5 trillion into the global economy “to counteract the social, economic and financial impacts of the pandemic”.

“The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth,” the statement said.

As concerns mount for poorer countries with little or no access to capital markets or adequate health facilities, the International Monetary Fund and World Bank have urged the G20 to support its call for governments to put debt payments on hold.

The group pledged to work swiftly with the IMF, the World Health Organization and regional banks to deploy a “robust” financial package to support developing nations.

On the fight against the novel coronavirus, the leaders committed to a number of measures including sharing research and data, strengthening health systems, and expanding manufacturing capacity to meet demand for medical supplies.

“To safeguard the future, we commit to strengthen national, regional, and global capacities to respond to potential infectious disease outbreaks,” the statement said.