G20 pledge over USD21 billion to fight COVID-19 pandemic

As per the statement released by the G20 group, the pledge will be directed towards vaccines, diagnostics, therapeutics, and research and development.

Created On: Jun 8, 2020 13:14 IST
G20 group pledge over USD 21 billion
G20 group pledge over USD 21 billion

The member countries of the G20 Group have pledged to donate more than USD21 billion to fight the COVID-19 Pandemic. The announcement was made by the group on June 6, 2020.

As per the statement released by the group, the pledge will be directed towards vaccines, diagnostics, therapeutics, and research and development.

In April 2020, the group has called on all the non-governmental organizations, countries, philanthropies and the private sector to help close a financing gap that was estimated at over $8 billion to control the COVID-19 pandemic.

The news of the pledge was shared by G20 Saudi Arabia on their official twitter handle.

The Statement released by G20 Group:

In an official statement, the group mentioned that G20 with invited countries has coordinated the global efforts in order to support the fight against COVID-19 pandemic. To date, members of G20 and the invited countries have pledged over 21 billion USD in order to support the funding in global health.

The current G20 chair, Saudi Arabia pledged $500 million to support global efforts to combat Coronavirus pandemic. The country stated that it will allocate $150 million to the Global Alliance for Vaccines and Immunisations, $150 million to the Coalition for Epidemic Preparedness and Innovation, and $200 million to other health organisations and programmes.

Initial pledge by the group in March 2020:

The announcement after G20 has already injected more than USD 5 trillion into the global economy in late March 2020 to fight the virus and its impact on the economy.

The statement by G20 leaders mentioned that over USD 5 trillion has been injected into the global economy as a part of the targeted economic measures, fiscal policy, and guarantee schemes to counteract the economic, social, and financial impacts of the pandemic.

They also added that emergency measures that aim at protecting health will be proportionate, targeted, temporary, and targeted. The group has been strongly committed to present a united front against this common global threat.

The G20 leaders at that time had also asked the International Monetary Fund and the World Bank to support the countries in need by using all instruments to the full extent.

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