Current Affairs In Detail

G20 to inject USD5 trillion into World economy
G20 to inject USD5 trillion into World economy

PM Modi stressed on a new concept of "globalization that focusses on humanity and collective welfare" rather than individual interest.

27 March 2020 Current Affairs:The G20 nations agreed to collectively inject $5 trillion into the world economy. The move by the countries is to counteract the social, economic and financial effects of the COVID-19 pandemic. The video conference summit was held on 26 March. 

G20 Summit Highlights:
Prime Minister Narendra Modi represented India in a video-conference of G20 economies.
♦ PM Modi stressed on a new concept of "globalization that focusses on humanity and collective welfare" rather than individual interest.
♦ The leaders of the G20 countries has agreed to make collaborative effort to develop therapeutic solutions including vaccines, make diagnostics more effective and make testing kits and other equipment more freely available.
♦ The leaders agreed to ensure the flow of medical supplies and critical agricultural products across borders and work together to facilitate international trade.
♦ The countries reaffirmed their commitments to WHO's mandate to fight the pandemic. The members countries agreed to provide resources to poorer countries and come up with a Covid Solidarity Response Fund.
♦ The leaders urged to boost funding for a vaccine for coronavirus.
♦ So far, the coronavirus has infected close to 5,00,000 people across countries and claimed more than 22,000 lives.

G20 Summit:
G20 was founded in 1999. It is a group of 20 countries. The members of the group include Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, Argentina, Australia, Brazil, South Africa, South Korea, Turkey, the UK, the US, and EU. The aim of the group is to promote international financial stability. The 2019 summit was held in the Osaka summit.