The upcoming summit of the G20 will be a "milestone", Saudi Arabia, the chair of the powerful economic bloc, said on Sunday amid mounting expectations of fiscal support, debt reductions and several other monetary measures by the grouping to help the global economy recover from the coronavirus-driven collapse.Saudi Arabia's Ambassador to India Saud bin Mohammed Al Sati said the virtual summit on November 21-22 will largely focus on addressing the implications of the coronavirus pandemic, future health care plans and steps for reviving the global economy.
The G20 comprises the world's largest and fastest-growing economies and accounts for 85 percent of the global GDP and two-thirds of its population. The summit of the grouping is taking place in the midst of the worst economic downturn the world is witnessing since the Great Depression of the 1930s.
In March, the G20 had announced that over USD 5 trillion would be injected into the global economy to offset the impact of the pandemic.
"The upcoming meeting on November 21-22 is going to be a milestone. Members of the G20 are going to be meeting virtually for the second time, during this year," Al Sati told PTI in an interview.
There have been expectations that the G20 will unveil an economic stimulus programme as well as a framework for debt reductions for poor countries at the summit as the coronavirus pandemic threatens to leave long-lasting scars on the global economy.
"Among other major agenda points, the summit will work towards addressing the implications of the pandemic, future health care plans and steps to be taken to revive the global economy," the envoy said.
On India's role in the grouping, Al Sati said Saudi Arabia values the knowledge and experience that India has brought to the G20 as well as its remarkable efforts in extending medical supplies to several countries across the globe to deal with the pandemic.
"The economic relief package provided by India for its most prominent sectors is commendable. As the fifth-largest global economy and the largest economy in South Asia, the Indian economy has the impetus to recover from the impact of the ongoing pandemic," he said.
The envoy said Saudi Arabia has already engaged with a host of stakeholders including businesses and think tanks across the globe to come up with strong policy solutions for the G20 member nations and beyond to deal with the massive socio-economic disruptions caused by the pandemic.
The much-awaited summit is scheduled to be attended by US President Donald Trump, British Prime Minister Boris Johnson, Indian Prime Minister Narendra Modi, Japanese PM Yoshihide Suga, Rusian President Vladimir Putin, Chinese President Xi Jinping, German Chancellor Angela
Merkel and French President Emmanuel Macron among others.
