BEIJING / DUBAI, Nov. 21 – Leaders of the 20 largest economies are discussing this weekend how to distribute Covid-19 vaccines, drugs and tests around the world so that poorer countries are not left out as nations look for ways to management of post-coronavirus recovery.
The leaders are holding a two-day virtual meeting via videoconference over the pandemic, chaired by Saudi Arabia, which will hold the rotating G20 presidency until the end of November.
The Covid-19 pandemic, which will plunge the global economy into a deep recession this year ahead of the economic jump expected in 2021
“We must work to create conditions for accessible and equitable access to these instruments for all peoples,” Saudi King Salman bin Abdulaziz said in his opening remarks.
G20 leaders are concerned that the pandemic could further deepen the global divide between rich and poor.
“At all costs, we must avoid a two-speed world scenario in which only the rich can protect themselves from the virus and restart normal life,” French President Emmanuel Macron said at the summit.
To do this, the European Union has called on G20 leaders to quickly invest more money in a global project on vaccines, tests and therapies called Access to Covid-19 Tools (ACT) Accelerator.
“During the G20 summit, I called for $ 4.5 billion to be invested in the ACT Accelerator by the end of 2020 for the delivery and delivery of tests, treatments and vaccines for COVID-19 everywhere,” he said. Ursula von der Leyen Commission on Twitter.
“We need to show global solidarity,” she said.
Russian President Vladimir Putin has offered to provide the Russian Sputnik V coronavirus vaccine to other countries and said Moscow is also preparing a second and third vaccine.
China, where the pandemic originated a year ago, has also offered to co-operate on vaccines. China has five home-grown vaccine candidates who have passed the final phase of testing.
“China is ready to step up cooperation with other countries in research and development, production and distribution of vaccines,” Xi said at the G20 summit.
“We will … offer help and support to other developing countries and work hard to make vaccines a public good that citizens of all countries can use and can afford,” he said.
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To prepare for future outbreaks, the EU will propose a pandemic treaty. “An international treaty would help us react faster and in a more coordinated way,” EU President Charles Michel told the G20.
As the global economy recovers from the depths of the crisis earlier this year, momentum is slowing in countries with rising levels of infection, recovery is uneven and the pandemic is likely to leave deep scars, the International Monetary Fund said in a report at the G-Summit. 20.
Particularly vulnerable are poor and heavily indebted countries, which are “in the abyss of financial ruin and escalating poverty, hunger and unspoken suffering,” UN Secretary-General Antonio Guterres said on Friday.
To address this, the G20 will approve a plan to extend the debt service moratorium for developing countries from six months to mid-2021, with the possibility of further extensions, according to a draft communiqué. G20, seen by Reuters.
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World Bank President David Malpas has warned the G20 that the failure to provide lasting debt relief to some countries could now lead to increased poverty and a recurrence of the default riots seen in the 1980s.
The G20 debt relief initiative has helped 44 countries defer debt service payments by about $ 5 billion, but that is far from the 73 eligible countries, and has promised savings of about $ 12 billion. Extending temporary debt relief may encourage some additional countries to be patient, experts say, but private sector creditors must also agree to participate.
Debt relief for Africa will be an important topic of the Italian G20 presidency in 2021.
President Donald Trump did not attend and was on his golf course in Sterling, Virginia, when the virtual meeting took place.