G20 leaders pledge $5 trillion to tackle coronavirus pandemic

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(Riyadh) – G20 nations pledged a “united front” in the battle against the coronavirus pandemic, pledging they were injecting $5 trillion into the global economy to tackle the pandemic amid forecasts of a deep recession.

US President Donald Trump and Russian President Vladimir Putin joined the emergency video conference chaired by Saudi Arabia’s King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.

The talks come amid criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 21,000 dead worldwide and triggered financial shock waves as more than three billion people are locked down.

“We are strongly committed to presenting a united front against this common threat,” the leaders said in a joint statement after the summit.

“We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic.”