[G20 Video Conference] $4.8 Trillion Injected for Global Economic and Financial Response

Finance Minister-Central Bank Governor Regular Meeting... Welcoming Central Bank Currency Swap Expansion Measures

[Asia Economy Reporter Ryu Jeong-min] The leaders of major countries attending the G20 Special Virtual Summit, including President Moon Jae-in, stated in a joint declaration on the 26th, "We commit to taking all necessary measures and utilizing all available policy tools to minimize the economic and social damage caused by the global pandemic, restore global growth, maintain market stability, and strengthen resilience."

In particular, the G20 leaders emphasized, "We are injecting more than $4.8 trillion into the global economy as part of targeted fiscal policies, economic measures, and guarantee systems to respond to the social, economic, and financial impacts of the global pandemic."

The G20 leaders stated, "We are taking immediate and strong measures to stimulate the economy, protect workers, micro, small and medium-sized enterprises, and the most affected sectors, and safeguard vulnerable groups through appropriate social protection measures."

The G20 leaders declared, "We will continue bold and large-scale fiscal support. The collective actions of the G20 will amplify their effects, maintain consistency, and create synergy."

The G20 leaders added, "Such scale and scope of response will restore the global economy and provide a solid foundation for job protection and growth recovery. We request our finance ministers and central bank governors to regularly meet to prepare a joint G20 action plan in response to COVID-19 and to closely cooperate with international organizations to ensure timely international financial support."

The G20 leaders said, "We support the special measures taken by central banks to resolve credit crunches for households and businesses, enhance financial stability, increase liquidity in international markets, and protect the functioning of the international financial system," and "We welcome the expansion of currency swap arrangements taken by central banks."

The G20 leaders stated, "We also welcome the International Monetary Fund (IMF) and the World Bank Group (WBG) for taking measures to support all countries in difficulty using all available means as part of international cooperation, and we request them to regularly inform the G20 of the global pandemic’s impacts, responses, and policy recommendations," and "We request the International Labour Organization (ILO) and the Organisation for Economic Co-operation and Development (OECD) to investigate the impact of the global pandemic on employment."