G20 leaders during their virtual summit

G20 leaders Thursday agreed they would inject $5 trillion into the global economy to counter the impact of the coronavirus crisis.

They also pledged a “united front” in the fight against the pandemic, after an emergency online summit, chaired by King Salman of Saudi Arabia.

“Combatting this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity,” the leaders said in a statement.

“We are strongly committed to presenting a united front against this common threat.

“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 statement said.

Meanwhile, the International Monetary Fund and World Bank urged the G20 to support its call for governments to put debt payments on hold.

This followed mounting concerns for poorer countries with little or no access to capital markets or adequate health facilities.

The G20 pledged to work swiftly with the IMF, the World Health Organisation and regional banks to deploy a “robust” financial package to support developing nations.

The leaders committed to a number of measures including sharing research and data, strengthening health systems, and expanding manufacturing capacity to meet demand for medical supplies.

“To safeguard the future, we commit to strengthen national, regional, and global capacities to respond to potential infectious disease outbreaks,” the statement said.