PM Modi to join extraordinary G20 virtual summit on Thursday

Prime Minister Narendra Modi to join “extraordinary virtual summit of G20 leaders” on March 26 to discuss a coordinated response to the Covid-19 pandemic and its economic ramifications, two people familiar with the events said on Tuesday .

Saudi Arabia, the current G20 president, called for the virtual summit last week. Although there has been no official announcement from Riyadh, someone familiar with planning the summit has confirmed that it will be held on Thursday evening.

The leaders’ summit will be preceded by a virtual meeting on March 25 of the G20 Sherpas or the personal representatives of the heads of government of the member states. The Sherpa of India is the former Minister of Commerce Suresh Prabhu.

Before the summit, European Commission President Ursula von der Leyen tweeted on Tuesday that she had spoken on the phone with Modi about the preparations for the meeting, “Coronavirus-affected supply chains and production capacities of crucial pharmaceuticals. “

The G20 includes the European Union and major economies such as China, Australia, Canada, Japan, South Korea and the United States. India is expected to assume the presidency of the G20 in 2022.

The G20 leaders’ summit will take place at a time when the global community is grappling with the rapid spread of Covid-19 infections and deaths in as many as 168 countries. According to statistics from the World Health Organization, there were 332,930 confirmed cases and 14,510 deaths as of Monday.

Preparations for the virtual summit were also featured in Prime Minister Modi’s recent telephone conversations with Saudi Crown Prince Mohammed bin Salman and Australian Prime Minister Scott Morrison.

According to a statement from Saudi Arabia, G20 leaders should “come up with a coordinated set of policies to protect people and safeguard the global economy”. The G20 will work with global organizations to mitigate the impact of the pandemic, and the virtual summit will build on the efforts of G20 finance ministers, central bank governors and senior government officials to define “the requirements and specific actions required ”.

Finance ministers and G20 central bank governors held a virtual meeting on Monday to discuss the impact of the pandemic on the world economy and preparations for the virtual leaders’ summit.

Saudi Finance Minister Mohammed Aljadaan stressed the need to step up joint G20 efforts and act decisively and co-ordinated with people and businesses, safeguard the stability of the global economy and financial markets , restore confidence and prevent deep and prolonged negative economic impacts.

He noted that since the last meeting of G20 finance ministers and central bank governors in February, “the outlook for the world economy has deteriorated considerably and that the evolution and global spread of the Covid pandemic – 19 had an impact on the world economy. [against] in a context of disruption of the elements of supply and demand ”.

Finance ministers and central bank governors “agreed to closely monitor the development of the pandemic, including its impact on markets and economic conditions, and to take further measures to support the economy during and after this phase “, according to a press release.

They also agreed to develop a “joint G20 action plan”, which will describe the individual and collective actions that the group will take to deal with the pandemic. They also discussed ways to intensify “the coordinated efforts of bilateral and multilateral creditors to address the risks of debt vulnerability, especially in low-income countries”.