G-20 countries have deployed about $11 trillion to accelerate equitable and sustainable recovery from the coronavirus, according to CNBC. The spending is, by comparison, more than twice the gross domestic product of Japan. The nations also spend a combined $21 billion for pandemic preparedness and response.
- G-20 is likely to implement a range of measures and recommendations to address structural inequalities and debt repayments, among other policies.
- G-20 will emphasize the importance of improving global cooperation and multilateralism to speed up economic recovery-Ahmed Ali Al Sayegh, UAE Minister of State.
- The countries have championed a debt service suspension initiative (DSSI) to provide the most vulnerable countries with urgent and immediate relief from bilateral creditors.
- G-20 has released $14 billion under the DSSI initiative to assist indebted countries in fighting the pandemic.
- Multilateral development banks have provided $75 billion since April to DSSI-eligible countries as part of the broader $230 billion packages for emerging and low-income countries.
G-20 members represent around 80% of the world’s economic output, two-thirds of the global population, and three-quarters of international trade.
