G-20 Officials Agree to Take Further Steps to Prop Up Economy

Economy

London/Tokyo, March 23 (Jiji Press)--Group of 20 finance ministers and central bank chiefs agreed on Monday to take additional measures to keep the economy afloat while closely watching impacts of the global spread of the novel coronavirus on financial markets and economic activities.

In an emergency videoconference held in response to the coronavirus pandemic, the officials of the 20 advanced and emerging economies also confirmed that G-20 leaders will hold a videoconference shortly to talk about issues related to the viral outbreak, Saudi Arabia, which chaired Monday's session, said.

The finance chiefs and top central bankers also discussed strengthening bilateral and multilateral cooperation in dealing with debt problems in low-income nations.

Saudi Finance Minister Mohammed al-Jadaan said at the meeting that the global economic outlook has deteriorated dramatically since the G-20 finance ministers and central bank chiefs held talks in February, noting that the worldwide spread of the coronavirus has disrupted supply and demand and delivered a blow to the economies across the globe.

The G-20 economies need to prepare additional emergency measures to address the situation through stepped-up cooperation and at the same time show medium- to long-term measures to help promote a rapid economic recovery, he said.

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Jiji Press