German Chancellor Angela Merkel said on Saturday that the G20 would sign a similar deal on climate change to that agreed at the last meeting in Argentina, where the United States was isolated.
Policymakers from the Group of 20 industrialised countries are worried that the weakness evident in key economies could spread, especially if elevated trade tensions, such as those between the United States and China, escalate further.
Finance ministers and central bank governors from G20 nations weighed the potential impact of the coronavirus epidemic on the world economy as they met in Riyadh on Saturday for a two-day gathering.
Leading world economies must show unity in dealing with aggressive “tax optimisation” by global digital giants like Google, Amazon and Facebook, G20 officials said on Saturday.
Global finance leaders agree that growth has slowed but they remain hopeful for a modest rebound next year as long as trade and geopolitical tensions do not worsen.
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.
Sheikh Mohamed Bin Zayed thanked Saudi Arabia and King Salman for organising the G20 summit, to strengthen the international efforts to prevent the spread of coronavirus. Holding the summit highlighted the awareness of G20 members of the gravity of the situation and their international responsibilities during this critical period, he added.
Saudi Arabia earlier this month pledged $500 million to support global efforts to combat the coronavirus pandemic. In the statement, it repeated its call on all countries, non-governmental organizations, philanthropists and the private sector to help close the financing gap.
Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise the global oil trade, the Kremlin said.
A recent open letter to the G20 leaders – an initiative coordinated by Gordon Brown – underlined the extreme urgency of planning a response to the impact of COVID-19 on nations in the developing world. Limited infrastructure, inadequate healthcare, urban overcrowding and various other factors will undoubtedly increase the death toll from the coronavirus in such circumstances.