G20 committed over $7 trillion to fight coronavirus: Saudi Finance Minister From Al Arabiya: Matthew Amlôt, Al Arabiya EnglishWednesday 15 April 2020Text size A A A The Group of 20 most powerful nations have injected over $7 trillion into the global economy to protect jobs, businesses and economies in the face of the coronavirus pandemic, said Saudi Arabian Finance Minister Mohammed al-Jadaan on Wednesday. G20 finance ministers and central bank governors agreed to a temporary halt to debt payments for the world’s poorest countries in a virtual meeting chaired by Saudi Arabia. Al-Jadaan commented that this debt suspension would be significant and provide north of $20 billion in immediate liquidity. The minister noted that the G20 is committed to safeguarding jobs and incomes while ensuring the resilience of global financial systems, and is determined to spare no effort individually or collectively to overcome the coronavirus pandemic Commenting on the G20 meeting of finance ministers and central bank governors, al-Jadaan said he is optimistic that by continuing to work together the world will overcome the coronavirus pandemic and return with strong growth ready to confront any future crisis. Al-Jadaan added that the coronavirus pandemic, officially known as COVID-19, has taken a great toll on the world and that there is significant uncertainty regarding its depth. On oil, the minister said that the G20 welcomed the historic agreement between the Organization of Petroleum Exporting Countries (OPEC), Russia, and others, known as the OPEC+ group to remove 9.7 million barrels per day of oil from global supply. Al-Jadaan added, however, that he believes oil GDP in the region, including Saudi Arabia, will be reduced and that he is not happy with the oil price but it is important that the energy market is balanced. The agreement by the G20 to pause debt will come as welcome relief to poorer countries that lack the financial resources to combat the economic fallout of the coronavirus pandemic. “We strongly welcome the decision of the G20 to respond to our call to allow the poorest countries of the world that request forbearance to suspend repayment of official bilateral credit on May 1,” a joint statement by World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva said. “This is a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people.” https://english.alarabiya.net/en/coronavirus/2020/04/15/G20-determined-to-spare-no-effort-to-overcome-coronavirus-Saudi-Finance-Minister.html?utm_source=insider&utm_medium=web_push&utm_campaign=en_g20_7_trillion&webPushId=MTIxOTk=