G20 countries intend to use all means to combat the Coronavirus pandemic and the economic difficulties caused by it. This was stated in a statement following a videoconference of G20 finance ministers and central bank governors on Saturday, July 18.
“We intend to continue to use all available policy instruments to protect lives, jobs and incomes, support global economic recovery and improve the resilience of the financial system while trying to prevent decay,” reads a statement released on the G20 website.
Earlier Saturday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva called for greater international cooperation and continued fiscal and monetary policy measures as we move to the next phase of the crisis triggered by the pandemic.
Last week, the International Monetary Fund (IMF) projected a record level of global public debt for 2020 due to the coronavirus crisis.
However, in early April, the IMF for the first time in history recorded an almost complete halt to the world economy. The Fund predicted the worst crisis since the Great Depression.