German Finance Minister Olaf Scholz and Saudi Minister for Finance Mohammed Al Jadaan walk to the G20 meeting hall in Riyadh on Saturday. Reuters
In a statement issued on Tuesday by the Kingdom, the G20 will act, alongside international organisations, in any way deemed necessary to alleviate the impact of the pandemic. G20 Leaders will put forward a coordinated set of policies to protect people and safeguard the global economy.
G20 finance ministers and central bankers agreed during a separate video conference on Monday to develop an "action plan" to respond to the outbreak, which the International Monetary Fund expects will trigger a global recession.
The Kingdom of Saudi Arabia will host the 15th annual G20 Leaders' Summit in November 2020 in its capital, Riyadh.
Excluding the energy sector, GDP fell by 1.5 per cent year-on-year in the 1st quarter, against an increase of 3.6 per cent last year compared to Q1 2018.
The Board of the Central Bank of the UAE (CBUAE), has decided on additional measures within the Targeted Economic Support Scheme (TESS), launched initially in March 2020 to further enhance the capacity of the banking sector to support the economy.
The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq.