The powerful G-20 grouping on Thursday decided to inject over $5 trillion into the global economy to counter economic disruptions triggered by the coronavirus pandemic.
The G-20 leaders under the chairmanship of Saudi Arabia's King Salman held an extraordinary video conference in which they resolved to use all available policy tools to minimise the economic and social damage from the pandemic that has killed over 21,000 people and infected more than 470,000 globally.
'We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic,' the G20 leaders said in a joint statement.
In his address, Prime Minister Narendra Modi pitched for developing a new crisis management protocol to deal with global health crisis and urged G20 to work towards addressing shockwaves triggered by the pandemic.
He also urged the grouping to come out with a concrete action plan to fight the pandemic and said human beings rather than economic targets should be put at the centre of its vision for global prosperity and cooperation.
In its statement, the G-20 said it will work 'swiftly and decisively' with frontline international organisations like the World Health Organisation, International Monetary Fund, and multilateral and regional development banks to deploy a robust, coherent, coordinated plan to deal with the crisis.
'We commit to do whatever it takes and to use all available policy tools to minimise the economic and social damage from the pandemic, restore global growth, maintain market stability, and strengthen resilience,' it said.
'We are currently undertaking immediate and vigorous measures to support our economies; protect workers, businesses - especially micro-, small and medium-sized enterprises - and the sectors most affected,' it added.
As the world reels under the economic and social fallout of the coronavirus pandemic, the G20 held the video conference to discuss ways to deal with the coronavirus pandemic.
The leaders, including United States President Donald Trump and Russian President Vladimir Putin, also agreed to contribute to the WHO-led COVID-19 Solidarity Response Fund on a voluntary basis.
The G20 grouping shares 80 per cent of world GDP and 60 per cent of world population.
The grouping said it will continue to conduct bold and large-scale fiscal support to deal with the economic aspects of the crisis.
'Collective G20 action will amplify its impact, ensure coherence, and harness synergies. The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth,' the bloc said.
'We ask our finance ministers and central bank governors to coordinate on a regular basis to develop a G-20 action plan in response to COVID-19 and work closely with international organisations to swiftly deliver the appropriate international financial assistance,' it added.
In his address, Saudi King Salman urged G20 leaders to boost funding for a vaccine for coronavirus.
The G20 said it will work to ensure the flow of vital medical supplies, critical agricultural products, and other goods and services across borders, and work to resolve disruptions to the global supply chains.
'We commit to continue working together to facilitate international trade and coordinate responses in ways that avoid unnecessary interference with international traffic and trade.
'Emergency measures aimed at protecting health will be targeted, proportionate, transparent, and temporary. We task our Trade Ministers to assess the impact of the pandemic on trade,' it added.
'We reiterate our goal to realise a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open,' the G20 said.