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The leaders of the Group of Twenty countries pledged at the end of an emergency summit held via video Thursday to pump five trillion dollars into the global economy to face the effects of the Corona pandemic “Covid-19” and to provide support to developing countries to fight the epidemic. The leaders of the world’s largest economies stressed that they would form a united front to fight the repercussions of this global pandemic, despite the clear division between them, especially the tension and mutual accusations between Beijing and Washington against the background of this global health crisis.

At the end of an emergency summit held via video of countries Group of Twenty On Thursday, leaders of the world’s largest economies reaffirmed their commitment to tackling the repercussions of the “Covid-19” Coronavirus with a united front, and pledged to pump $ 5 trillion into International Economy.

A final statement of the summit chaired by Saudi Arabia said that the group’s countries will provide support to developing countries to deal with the effects of measures to limit the spread of the epidemic that caused the death of about 22 thousand people.

US Presidents Donald Trump and Russian Vladimir Putin participated in the virtual summit that took place at a time when the epidemic forced more than three billion people to stay home.

The talks focused on how to protect the world’s most important economies from the consequences of measures taken to prevent the spread of the virus, while the specter of an economic recession looming in light of the suspension of flights, the closure of shopping centers and the curfew.

“The process of dealing with it requires a strong, coordinated, and wide-ranging international response based on scientific evidence and the principle of international solidarity. We are deeply committed to forming a united front to confront this common threat,” state leaders said in their closing statement.

They added, “We are pumping more than $ 5 trillion into the global economy, as part of financial policies, economic measures and guarantee plans aimed at addressing the social, economic and financial impacts of the pandemic.”

Economic downturn

And Moody’s predicted the credit rating on Wednesday that the gross domestic product in the twenty countries will shrink by 0.5 percent, extending that the US economy will shrink by 2 percent and the European economy by 2.2 percent.

The major countries, including the United States, had advanced huge financial incentives, but without putting together a joint plan of action, at a time of growing concern in poor countries that lack the money and proper health care.

The International Monetary Fund called on the leaders of the twenty countries to support its demand to freeze the debt of poor countries, while the World Health Organization urged the countries of the Group of Twenty to provide support to “low and middle income countries.”

In their statement, the leaders of the G20 affirmed, “We will work swiftly and decisively with the international organizations on the front line … to allocate a strong, coherent, coordinated and urgent financial package.”

“We call on all these organizations to intensify coordination of actions among themselves, including with the private sector, in order to support emerging and developing countries facing health, economic and social shocks from the Corona virus (Covid-19).”

Aid to developing countries

“It is our responsibility to extend a helping hand to developing and least-developed countries to build their capacities and improve the readiness of their infrastructure to overcome this crisis and its consequences,” King Salman said as the kingdom recorded its third death from the virus and the number of infections exceeded the threshold of a thousand.

Paris and Beijing pushed for the convening of the emergency summit of the Group of Twenty with the aim of discussing reducing the effects of the epidemic.

French presidential sources said that the virtual meeting focuses on “coordination at the health level” as well as sending a “strong signal” to financial markets about efforts to achieve economic stability.

With world leaders divided, the meeting contrasts with the G20 summits that followed the 2008 financial crisis, when the group turned into a working cell to mobilize aid for vulnerable countries.

“The G20 appears to be absent today, unlike in 2008,” said Ian Bremer, president and founder of Eurasia Consulting Group.

What reinforces this divergence is Trump’s isolationist policy.

American-Chinese tension

On Wednesday, US Secretary of State Mike Pompeo attacked China, saying that top diplomats from the Group of Seven major industrialized nations had agreed with him that Beijing was waging a “misinformation” campaign over the epidemic.

In the Group of Seven talks, one day before the G20 summit, Pompeo accused Beijing of participating in a social media campaign that included conspiracy theories that the United States was behind the virus that was first discovered in Wuhan, China.

“The Communist Party of China poses a major threat to our health and to our way of life, as the epidemic clearly demonstrated,” Pompeo said after his virtual meeting with his group counterparts. Besides the United States, the Group of Seven includes Germany, France, Britain, Italy, Canada and Japan.

France 24 / AFP

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