Governor of Saudi Arabian Monetary Authority Ahmed al-Kholifey (L) and Saudi Finance Minister Mohammed al-Jadaan (Rear) attend the G20 Finance Ministers and Central Bank Governors Virtual Meeting in Riyadh, Saudi Arabia, on March 23, 2020. The G20 finance ministers and central bank governors agreed on Monday during a televised meeting to develop a joint G20 Action Plan in response to the COVID-19, said a statement by the G20 Saudi secretariat. (G20 Saudi Arabia/Handout via Xinhua)

 
The G20 finance ministers and central bank governors agreed on Monday during a televised meeting to develop a joint G20 Action Plan in response to the COVID-19, said a statement by the G20 Saudi secretariat.

Saudi Finance Minister Mohammed Al-Jadaan opened the meeting by stressing the need to step up joint efforts and act decisively in a coordinated manner to safeguard the stability of the global economic and financial markets, it said.

Since the last meeting of G20 finance ministers and central bank governors in February, the global economic outlook has significantly deteriorated and the global spread of the COVID-19 pandemic has impacted the global economy, he said.

He highlighted that the G20 should be ready to undertake further emergency response to address the global crisis and set a vision for the medium- and long-term actions that will foster a rapid recovery in the economy and catalyze the potential for stronger economic growth.

Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the COVID-19 pandemic.

They also discussed working closely with international financial institutions to support financial stability and alleviate liquidity constraints for emerging markets and developing economies.