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Last Updated : Mar 27, 2020 11:34 PM IST | Source: Moneycontrol.com

Coronavirus pandemic: Economies strong, but systems fragile, says PM Modi at G20 Virtual Summit

As the total number of cases near 5 lakh across the world, and the global death toll soars to 21,000, G20 nations decided to inject USD 5 trillion into the global economy to counter the impact of the crisis.

Prime Minister Narendra Modi, on March 26, in a strongly worded statement at the emergency G20 Virtual Summit said that the coronavirus crisis is robbing us of our "most precious resource— our lives, our health".

He stated that while the G20 emerged as the leading forum to mitigate the 2008 global financial crisis, "We have allowed a purely economic agenda to define globalization."

The prime minister also said that while "our economies may be strong, but clearly, our systems are fragile".

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He said that multilateral fora have been less effective in promoting shared interests of humanity - whether it is combating terrorism or climate change.

"The G20 accounts for 80 percent of the world’s GDP and 60 percent of the world’s population. At the same time, we have 90 percent of the global COVID-19 cases, and 88% of the deaths caused by it. Our economies may be strong, but clearly, our systems are fragile," PM Modi said.

As the total number of cases near 5 lakh across the world, and the global death toll soars to 21,000, G20 nations pledged a "united front" in the fight against the coronavirus pandemic, and said they were injecting USD 5 trillion into the global economy to counter the impact of the crisis.

"We are injecting over USD 5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic," the leaders said in a statement after an emergency online summit.

They also pledged to work swiftly with multilateral bodies such as the International Monetary Fund, the World Health Organization and regional banks to deploy a "robust" financial package to support developing nations.

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First Published on Mar 26, 2020 09:30 pm
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