Saudi Arabia leads G20 efforts to unite the world in coronavirus response

Leaders of the world's most powerful economies will
convene virtually on Thursday to coordinate a response to the fast-spreading
coronavirus, which has killed 21,000, infected half a million and forced well
over a quarter of the world's population into home isolation.
The meeting for the Group of 20 nations will be
chaired by Saudi Arabia's King Salman. The Kingdom, which is presiding over the
G20 this year, said it organized the extraordinary meeting to advance global
efforts to tackle the pandemic and its economic implications as people lose
their incomes amid closures, curfews and lockdowns.
The meeting comes after the World Health
Organization criticized the world's wealthiest countries for failing to take
cohesive action to combat the virus or its economic impact on people around the
world.
“As the world confronts the COVID-19 pandemic and
the challenges to healthcare systems and the global economy, we convene this extraordinary
G20 summit to unite efforts towards a global response,” Saudi Arabia’s King
Salman said on Twitter.
The leaders are expected to agree that the outbreak
is a threat to humanity and will set up a mechanism to share information and
experiences in fighting the disease, the Wall Street Journal reported, citing a
draft statement to be discussed at the summit.
Saudi Arabia and other Gulf Arab states have been
relatively successful in containing the virus, but infections have spiraled out
of control in Iran, much of Europe and the United States. On top of the
economic hit from lockdowns to slow the spread of coronavirus, Saudi Arabia has
been hurt by a dramatic fall in oil prices.
The global death toll from the new coronavirus,
which causes an illness called COVID-19, has climbed past 21,000 and the number
of infections has surpassed 472,000, according to a count kept by Johns Hopkins
University. The number of dead in the US rose to 1,041 as of late Wednesday,
with nearly 70,000 infections. Spain’s death toll has risen past 3,400,
eclipsing that of China, where the virus was first detected in December.
For most people, the new coronavirus causes mild or
moderate symptoms, such as fever and cough that clear up in two to three weeks.
For some, especially older adults and people with existing health problems, it
can cause more severe illness, including pneumonia and death.
The pandemic has not been helped by a disinformation
campaign initiated by China, which falsely accused the US military of bringing
the infection to China. US President Donald Trump has responded by referring to
the “Chinese virus” or “Wuhan virus” and the ensuing argument prevented the
Group of Seven foreign ministers from issuing a group statement on Wednesday.
Chinese President Xi Jinping and Russian President
Vladimir Putin are among the heads of state who will take part in Thursday's
G20 leaders' summit. The virtual summit will also include leaders from the
World Health Organization, the United Nations, World Bank, International
Monetary Fund, International Labor Organization and others.
Officials from Spain, Jordan, Singapore and
Switzerland will also take part in the call, as well as chairs of regional
bodies like the African Union, the Association of South-East Asian Nations and
the Gulf Cooperation Council.
The International Labor Organization says nearly 40
percent of the world’s population has no health insurance or access to national
health services and that 55 percent — or 4 billion people — do not benefit from
any form of social protection whatsoever. It said the current health crisis
makes clear that not nearly enough progress has been made by governments in the
years since the 2008 financial crisis to expand access to health services,
sickness benefits, and unemployment protection.
The International Monetary Fund and World Bank
issued a call on G20 countries ahead of the Thursday's meeting, warning of
severe economic and social consequences for developing countries, home to a
quarter of the world's population and where most of the world's poorest people
reside.
The lenders called for a suspension of debt payments
from these countries and asked G20 leaders to task the World Bank and IMF with
making the needed assessments on which countries have unsustainable debt
situations and immediate financing requirements.
“It is imperative at this moment to provide a global
sense of relief for developing countries as well as a strong signal to
financial markets,” the lenders said in a joint statement.
IMF Managing Director Kristalina Georgieva has said
the lender stands "ready to deploy all our $1 trillion lending
capacity." She said earlier this week the IMF expects a recession at least
as bad as during the 2008 global financial crisis or worse. Nearly 80 countries
are requesting IMF help.
Ethiopia's government told G20 finance ministers and
Central Bank chiefs in a call ahead of Thursday's summit that Africa needs a
$150 billion emergency financing package due to the impact of the virus.
UN Secretary-General Antonio Guterres urged G20
leaders to adopt a “wartime” plan including a stimulus package “in the
trillions of dollars” for businesses, workers and households in developing
countries trying to tackle the coronavirus pandemic.