In 2020, the Virtual G20 summit on Saturday will be hosted by Saudi, the first Arab nation to be hosting this significant event. The format will be virtual as the COVID-19 pandemic is still occurring.
A few subjects are to be covered like the current pandemic. Another is the after effect of economic woes experienced from lockdowns and lethargic economies, reported MSN.
The 48-hr summit of the most prosperous nations on Earth is a prologue to the US elections that are not resolved. With the economic hardships biting many nations just after lockdowns, the recession is coming to the fore as it gets worse.
Many prior summits were face-to-face meetings for many world leaders, but for safety a virtual format is chosen by default. Many of the discussions will be online sessions that will tackle relevant global issues like climate change and inequality in all nations.
Sources say that most talks are about the effects of the pandemic and how to jumpstart the flagging worldwide economy. This is what was revealed by an outlet.
One glimmer of hope is new vaccines that might be the key to curing the contagion that has infected 55 million and killed 1.3 million too. According to the Paris-based OECD which shows a major downturn in the global economic output smaller by 4.5% in 2020.
Many G20 nations have given $21 billion for the fight against COVID-19, for creating vaccines, even adding a whopping $11 trillion. To keep the world economy going. The economic crisis is reaching a high point that it is affecting credit, especially in poor nations.
Also read: G20 Summit Tackles Climate Changes as Factor to World's Financial Stability
Most G20 finance ministers last week called for a common framework and ways to catch debt problems for nations getting ravaged by the virus. Despite the affirmative action the campaign group Action Aid called in not enough.
A US Treasury official called attention to China not participating and keeping back details. China has been lending to poor nations and the disunity in the G20.
Katherine Tu of Action Aid said that the biggest humanitarian crisis and women are feeling the force of negative health with economic fallout. She accuses the G20 of ignoring it totally as if it was not important.
UN Secretary-General Antonio Guterres address concerns to the G20 that more ways should be found to ease the debts owed by poor nations. Sources say that Saudi Finance Minister Mohammed al-Jadaan said that more funds will be available for the International Monetary Fund for developing nations.
Sources familiar with organizers said that world leaders from China, Russia, Germany will give remarks at the summit. Also, Saudi Arabia's King Salman will be doing digital diplomacy as the kingdom's ruler.
John Kirton of a Canada-based G20 Research Group remarked that a virtual setting limits what can be a combustive moment on some subjects. The current format limits all interactions to the relevant topic.
Attending the summit will be the US Secretary of State Mike Pompeo, keeping the interests of the Trump administration during the virtual meet.
Many are not sure if President Trump will be speaking, most of those invited have accepted Biden prematurely. For now, Trump is the incumbent until January.
Before the year ends, the Virtual G20 summit will be the place where problems will thresh with Saudi Arabia's King Salman on the world stage.
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