New Delhi: The upcoming summit of the G20 will be a “milestone”, Saudi Arabia, the chair of the powerful economic bloc, said on Sunday amid mounting expectations of fiscal support, debt reductions and several other monetary measures by the grouping to help the global economy recover from the coronavirus-driven collapse.
Saudi Arabia’s Ambassador to India Saud bin Mohammed Al Sati said the virtual summit on November 21-22 will largely focus on addressing the implications of the coronavirus pandemic, future health care plans and steps for reviving the global economy.
Al Sati said Saudi Arabia values the knowledge and experience that India has brought to the G20 as well as its remarkable efforts in extending medical supplies to several countries across the globe to deal with the pandemic.
The envoy said Saudi Arabia has already engaged with a host of stakeholders including businesses and think tanks across the globe to come up with strong policy solutions for the G20 member nations and beyond to deal with the massive socio-economic disruptions caused by the pandemic.
The G20 comprises the world’s largest and fastest-growing economies and accounts for 85 percent of the global GDP and two-thirds of its population.
The summit of the powerful grouping is taking place in the midst of the worst global downturn since the Great Depression of the 1930s. Following a virtual summit in March, the G20 had announced to inject over USD 5 trillion into the global economy to offset the impact of the pandemic.
