In the final statement, the leaders outlined two main areas of activity: cooperation in the direct fight against COVID-19 and measures in the socio-economic sphere to minimize the negative impact of the pandemic.
In the field of health, one of the main decisions was the agreement to allocate funds to WHO to fight COVID-19. The G20 also intends to exchange information about the spread of coronavirus and its properties, and increase the production of medical devices. G20 Health Ministers in April will share the practice of fighting COVID-19 and develop a set of urgent joint actions.
At the macroeconomic level, the leaders set goals to restore global growth and maintain market stability. The G20 also intends to assist all countries in need of support. Participants announced that they would inject five trillion dollars into the global economy as part of their fiscal policies, economic measures and guarantee schemes to combat the effects of the pandemic. As in the case of health issues, the action plan will have to be worked out in more detail by the Finance Ministers and heads of the Central Bank of the countries of the Association.
Particular attention was paid to the problems of the movement of goods, especially necessities, in the conditions of transport restrictions imposed by many countries. The G20 stated the need to ensure free flows of medical goods and agricultural products, keep markets open, prevent unnecessary interference with transport links, and provide “targeted, proportionate, transparent and temporary” measures to protect people’s health.
The intention to protect people’s lives, preserve jobs and incomes, and support small and medium-sized businesses that withstand the worst of the economic consequences of the pandemic was highlighted separately.