G20 finance ministers failed in presenting a joint statement in response to covid-19 due to US-China standoff
G20 finance ministers’ held a telephonic discussion; however, they failed to present a joint statement regarding the coronavirus pandemic that was hampered by the disagreements between the US and China.
A blame game about coronavirus between China and the US hindered the expectations of a joint international response.
The G7 group comprises of United States, United Kingdom, France, Canada, Germany, Italy, Japan, and Germany, which managed a joint message after a video conference last week.
A full G20 world leaders teleconference is expected later this week; however, whether an agreement can be reached on a worldwide fiscal boost isn’t clear.
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Following the G20 discussions, the IMF’s managing head, Kristalina Georgieva, expressed that the viewpoint for worldwide development was negative and that the world was confronting “a recession at least as terrible as during the worldwide financial crisis or worse.”
She commended the bold monetary measures taken so far and demanded that more was required on the financial front if growth was to be likely in 2021. We are especially worried about low-income nations in the debt crisis,” she added.
At present, according to the data, the worldwide coronavirus pandemic shows 378,679 infected, around 16,507 deaths, and 100, 000 recuperated. Various measures are being taken by nations to battle the Covid-19 and also control its spread.
Article Credit: The Guardian