B20, the private sector’s voice of the G20 community, proposed a set of recommendations to Finance Ministers. Besides, Central Bank Governors of the G20 major economies who are to meet on Wednesday.
The measures include supporting a globally-coordinated response for the coronavirus outbreak. Besides, continuing to monitor and backing countries with heavily-disrupted balance of payments. More so, keeping the support for lending institutions; as well as creating a favorable fiscal and regulatory environment to ensure a strong rebound of companies.
Other proposed measures include supporting flexible channels to execute relief and COVID-19-response-program funding. This is to prevent disruptions in global supply chains. And so to enable effective crisis response in the short-term and enhancing resilience in the medium-term.
The B20 also recommended the G20 Finance Ministers and Central Bank Governors to ensure opening and servicing of infrastructure, including ports, road, rail, cargo airports, critical for the movement of goods across regions and to lockdown areas, and enable continued global trade during the crisis via trade finance and needed investments.
“We urge the G20 to develop an action plan to tackle the unfolding economic crisis keeping an eye on unintended consequences,” the B20 said in a statement released Tuesday.
High-level working group
“We call for a high-level working group, including; the WTO, WHO and the World Bank. This is to identify measures and share best practices for a stronger health care and trade system; a well-prepared one to tackle future pandemics in a highly interdependent world.”
“This must include data sharing and analysis, fast-response and continuity plans. Besides, crisis simulations, international emergency relief and post-disaster analysis,” said the statement.
It added that the pandemic must be an opportunity to join forces and to embrace innovation. More so, to prepare for a more resilient future.
Saudi Arabia will be hosting the fifteenth G20 Summit in Riyadh on November 21-22.