The summit, chaired by Saudi Arabia this year on Thursday, is likely to align as a practical measure to discuss the approach to deal with COVID-19 pandemic.
Saudi Arabia’s Finance Minister, Mohammed Aljadaan, opened the virtual meeting saying that the world needs to join hands and come up with practical and inclusive approaches to secure the businesses and prevent immense negative economic impacts due to the novel coronavirus.
Aljadaan said that “since the last meeting of G20 finance ministers and central bank governors in February, the global economic outlook has significantly deteriorated and that the evolution and global spread of the Covid-19 pandemic have impacted the global economy at the backdrop of disruption in elements of both supply and demand”, according to the statement.
The 27 leaders of the EU, will also meet by video. Further, G-20 members will be joined by leaders from Spain, Jordan, Singapore, and Switzerland, as well as international organizations — United Nations (UN), World Bank Group (WBG), the World Health Organization (WHO) and World Trade Organization (WTO), the Food and Agriculture Organization (FAO), the Financial Stability Board (FSB), the International Labour Organization (ILO), International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD).
Regional organizations will be represented by Vietnam – the Chair of the Association of Southeast Asian Nations (ASEAN), South Africa – the Chair of the African Union (AU), the United Arab Emirates – the Chair of the Gulf Cooperation Council (GCC) and Rwanda – the Chair of the New Partnership for Africa’s Development (NEPAD).