G20 under Saudi presidency provided $11 trillion to overcome effects of pandemic

RIYADH: The world’s leading countries have spent $11 trillion to protect the global economy from the ravages of the COVID-19 pandemic, King Salman of Saudi Arabia has revealed.
Under the presidency of Saudi Arabia, the G20 group of nations have also pledged $21 billion toward diagnostic and treatment tools, medicines and vaccines to combat the coronavirus, the king said in a speech delivered on his behalf at the Riyadh-hosted B20, the G20’s business-focused working group.
King Salman said the “resilience and strength of the Saudi economy” was a match for the coronavirus, and restated 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.”
Since it took hold globally at the beginning of the year, the virus has infected more than 44 million people and killed nearly 1.2 million. Governments worldwide, including Saudi Arabia, have imposed a series of lockdowns to safeguard public health, and launched multibillion-dollar stimulus packages to protect jobs and businesses.
In his speech, delivered by Investment Minister Khalid Al-Falih, the king said: “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.”
Day 2 of the summit on Tuesday focused on the environment, energy and climate change, the international trade system, humanizing digital technology and leveling the playing field for women.
Gabriela Ramos of UNESCO pointed out that women were among the hardest hit by the pandemic. Up to 90 percent of the care economy was staffed by women, she said, and they were also overrepresented in other hard-hit sectors such as hospitality and retail.
Carly Fiorina, former chief executive of the tech giant Hewlett-Packard, said women would never advance while a woman in a senior role was viewed only as “something nice to have” rather than essential.
Saudi Ambassador to the US Princess Reema bint Bandar stressed the need to focus on the holistic journey of women, including education, childcare, financial literacy and the workplace.

G20 under Saudi presidency provided $11 trillion to overcome effects of pandemic