King Salman: G20 provided $11trln to overcome effects of COVID-19 pandemic under Saudi Arabias presidency

DUBAI: Saudi Arabia’s G20 presidency has contributed about $11 trillion to protect the global economy with a clear commitment and determination to do “whatever is necessary” to overcome the coronavirus pandemic.

In a speech read in behalf of King Salman during the handover the final communique of B20 Summit, investment minister Khalid Al-Falih said the Kingdom’s G20 presidency also pledged $21 billion to support the production, distribution, and availability of diagnostic and treatment tools, medicines and vaccines, a report from state news agency SPA said.

King Salman likewise said the Kingdom’s G20 presidency was keen to listen to various recommendations through ministerial meetings and working groups of G20, the report added.

“I would like to thank Business Group 20 and its partners from all countries of the world for their efforts during this exceptional period,” according to King Salman, adding that the goal of the Kingdom’s presidency of G20 is to “seize the opportunities of twenty-first century for all.”

“We cannot talk about “shaping new frontiers” in the G20 without discussing innovative solutions that contribute to developing the financial infrastructure, improving of the global trade systems, protecting of the private sector, restoring capital flows to emerging markets, and harnessing the digital economy tools that help us reach the desired financial inclusion during various circumstances,” King Salman said.

King Salman’s speech likewise lauded the “resilience and strength of the Saudi economy” amid the coronavirus pandemic and reiterated the Kingdom’s commitment to “increasing growth and prosperity levels through empowerment and investments in new sectors; especially the sectors that will lead the global recovery and protect countries from future pandemics.”