G20 to develop action plan to respond to COVID-19

By Lee Haye-ah

WASHINGTON, March 23 (Yonhap) -- Finance ministers and central bank governors of the Group of 20 major economies agreed Monday to develop an action plan to respond to the coronavirus pandemic.

The officials also discussed preparations for a virtual summit among the G20 leaders, which Saudi Arabia, the current holder of the presidency, will convene "in a few days," the Saudi secretariat said in a press release posted on its website.

President Moon Jae-in of South Korea, a member of the G20, has been among those calling for such a summit.

The finance ministers and central bank governors met virtually to discuss the impact of the COVID-19 pandemic on the global economy and agreed to closely monitor its evolution, according to the release.

"They also agreed to develop a joint G20 Action Plan in response to COVID-19, which will outline the individual and collective actions that G20 has taken and will be taking to respond to the COVID-19 pandemic," it said.

Saudi Finance Minister Mohammed Aljadaan emphasized the need for G20 to step up its cooperation in addressing the pandemic and called on member states to prepare for further emergency response measures.

He raised the need for medium- and long-term actions that will help economic recovery and growth.

The ministers and governors will meet virtually "on a regular basis" to continue coordination in their response to COVID-19, the release said.

The G20 comprises 19 countries and the European Union, including Britain, China, France, Germany, Japan, and the United States.

hague@yna.co.kr
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