Saudi Arabia, the current chairman of the G20 group of the world’s top 20 economies, said on Sunday that the group’s upcoming summit would prove to be a milestone. Saudi Arabia made the remark at a time when the G20 is expected to seek fiscal support, debt cuts, and other monetary measures to help the global economy affected by the Coronavirus epidemic. The conference is scheduled to be held in a virtual manner on November 21-22. Saud bin Mohammed Al Sati, Ambassador of Saudi Arabia to India said, “The meeting on November 21-22 is going to be a milestone.
The G20 members are going to meet for the second time this year. With major ministerial meetings and leaders’ summits, the G20 has paid great attention to the work of the eight joint groups. “There are expectations that the G20 may present an economic relief program at this summit. In addition, the G20 is also expected to present a plan to reduce the debt burden on poor countries. He said the summit would largely focus on the effects of the coronavirus epidemic, future health protection plans, and steps to revive the global economy.
Al Sati said that Saudi Arabia values the knowledge and experience that India has given to the G20. At the same time, Saudi Arabia also appreciates India’s remarkable efforts to increase the supply of medical goods and supplies in many countries around the world to combat the epidemic.
The Ambassador said that Saudi Arabia is already communicating with companies and study institutes around the world as well as various stakeholders to find a concrete policy solution to the problems faced by the G20 countries and other countries. The G20 group includes the world’s largest and fastest-growing economies. These countries contribute 85 percent of the global GDP and two-thirds of the global population.
This powerful group summit is taking place in the midst of the worst global recession since the Great Depression of 1930. After a virtual summit in March, the G20 had announced to invest more than five thousand billion dollars in the global economy to reduce the effects of the epidemic. He said that this summit, among other major agendas, will work on mitigating the effects of the epidemic, future health care plans, and steps to be taken to revive the global economy.