Internewscast
Image default
Home » G-20 leaders to convene remotely as coronavirus cases near half a million
Business World News

G-20 leaders to convene remotely as coronavirus cases near half a million

Steven Mnuchin, U.S. Treasury secretary, right, speaks with Jerome Powell, chairman of the U.S. Federal Reserve, during a Financial Stability Oversight Council (FSOC) meeting at the U.S. Treasury in Washington, D.C., U.S., on Wednesday, Dec. 19, 2018.

Al Drago | Bloomberg | Getty Images

Leaders from the Group of 20 major economies will speak by video link on Thursday about combating the coronavirus pandemic and its economic impacts, as global infections top 471,000 with more than 21,000 dead.

G-20 finance ministers and central bankers agreed this week to develop an “action plan” to respond to the outbreak, which the International Monetary Fund expects will trigger a global recession, but they offered few details.

World Health Organization director-general Tedros Adhanom Ghebreyesus will address the leaders to seek support for ramping up funding and production of personal protection equipment for health workers amid a worldwide shortage.

“We have a global responsibility as humanity and especially those countries like the G-20…” Tedros told a news conference in Geneva late on Wednesday. “They should be able to support countries all over the world…”

King Salman of Saudi Arabia, which as this year’s G-20 chair called for the extraordinary virtual summit, tweeted overnight that its goal was “to unite efforts towards a global response.”

There are growing concerns about protectionist measures being discussed or adopted as countries scramble to respond to the virus. The U.S. Chamber of Commerce urged G-20 leaders to match a pledge by countries like Australia and Canada to keep supply chains open and avoid export controls.

The video-conference scheduled for 8 am ET also risks complications from an oil price war between two members, Saudi Arabia and Russia, and rising tensions between two others, the United States and China, over the origin of the virus.

In preparatory talks, China and the United States agreed to call a timeout on their coronavirus blame game, the South China Morning Post reported citing diplomatic sources.

But talks among U.N. Security Council nations have stalled over U.S. insistence that any joint statement call attention to the coronavirus’ origins in China, NBC News reported. Outbreaks, which began in central China late last year, have been reported in 196 countries.

“The U.S.-China dynamic is pivotal to successful G-20 coordination, never more so than now as countries grapple 24/7 to confront and contain a pandemic we do not yet fully understand,” former acting U.S. Trade Representative Miriam Sapiro said.

Meanwhile, Washington may use the summit to launch a debate about ending an oil price war between Riyadh and Moscow that has pushed crude prices to near 20-year lows as the pandemic destroyed global demand, The Wall Street Journal reported.

Source: CNBC

Related posts

Chicago-based Kolcraft recalls infant recliner accessory due to suffocation risk

internewscast

Ricky Williams Rushes Into The Green Rush

internewscast

Hazardous green ooze found seeping onto highway, causing road closures

internewscast

Leave a Comment