G20 Leaders’ Summit: Second virtual meet

G20 Leaders’ Summit will be held virtually for the second time in the wake of the COVID-19 pandemic. The global leaders will meet to reflect upon the outcomes of the decisions taken earlier this year.

The unpredictability of the global pandemic since the commencement of this year has left many plans awry. The falling economies and failed annual global meets are just a few on the list.

G20 Leaders Summit is one such meet of top global leaders that are drastically affected. Yet, earlier this year, the strategist and secretariats bridged this gap. They capitalized on the worldwide scenario and taking it up as this year’s agenda for the meet.

G20 Summit in November 2020

The November Summit will follow the footsteps of the virtual annual meet held in March this year. This will be the second meet of the year. The meet will carry out a similar procession as convened by the current chair, Saudi Arabia, for March’s meeting.

Initially, PM Narendra Modi had suggested the meet. This was in the wake of discussing ways to counter the pandemic and its economic impact.

Where, when and what: The Summit

The Summit will be held virtually during November 21-22. The chair of the meet will be Saudi King Salman bin Abdulaziz Al Saud. The focus will be on the protection of lives and restoration of growth. Consequently, the action plan is to tackle vulnerabilities brought by COVID-19.

The Gulf nation takes over the rotation of the G20 presidency in 2020. The theme is about “Realizing opportunities of the 21st century for all.” Thus, the upcoming Summit will also build on the outcomes of more than 100 virtual working group and ministerial meetings.

The Pandemic Focus of Summit 2020

The meet will focus on the “Stability of energy market amidst low oil and gas prices’ and protection of public health.”

“The G20 is leading the fight against this global pandemic and taking swift and unprecedented actions to protect lives.”

The member countries have contributed a sum of $21 billion towards the pandemic. Consequently, this will go into the production and distribution of vaccines and a separate amount of $11 trillion to protect the global economy.

Furthermore, the G20 Summit launches a debt suspension initiative for the least developed nations. This will allow beneficiary nations to defer $14 billion in debt payments due in 2020. Thus, they can use these amounts to finance their healthcare systems and social programs.

Image courtesy of Alexey Struyskiy/Shutterstock

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.