G20 pledges US $ 60 bn to help poorest countries recover from COVID-19

Source: MercoPress

Finance Ministers and Central Bank Governors (FMCBG) of the G20 countries Friday agreed on the need to allocate US $ 60 billion to COVID-19 recovery efforts in the world's poorest countries, it was announced.

The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Spain is also invited as a permanent guest. The group is currently presided over by Indonesia. Hence, the FMCBG held in Jakarta, albeit in a hybrid format of in-person and online participation due to sanitary precautions.

In a joint statement after two days of meeting, the ministers and governors declared that they will try to increase their commitment to US $ 100 billion to speed up the pandemic's end.

“We will continue to support vulnerable countries affected by the COVID-19 pandemic to ensure that we all recover together,” they stated in the consensus document.