G20 vows to fight coronavirus impact on poor nations

G20 finance ministers and central bankers pledged Tuesday to address the debt burden of low-income countries and deliver aid to emerging markets as part of a plan to combat the coronavirus pandemic.

The announcement followed a second round of virtual talks after G20 leaders pledged a "united front" last week and said they were injecting USD 5 trillion into the global economy to head off a feared deep recession.

The ministers and bankers from major industrialised and emerging economies also welcomed a USD 160 billion World Bank relief package to be deployed over the next 15 months to support its member countries, the Saudi hosts said in a statement.

They agreed to press ahead with a plan to address "the risk of debt vulnerabilities in low-income countries" and work to "swiftly deliver... financial assistance to emerging markets and developing countries", the statement said.

US President Donald Trump and Russian President Vladimir Putin joined last week's emergency summit chaired by Saudi Arabia's King Salman, who called for coordinated action while facing pressure to end an oil price war between Riyadh and Moscow that has roiled energy markets.

The talks follow criticism that the G20 has been slow to address the COVID-19 pandemic, which has left more than 38,000 dead worldwide and triggered financial shock waves as some two-fifths of the globe's population is put under lockdown.

As concerns mount for poorer countries without access to capital markets or adequate health facilities, G20 leaders have pledged to work with bodies such as the International Monetary Fund to deploy a robust financial package to support developing nations.

"We welcome the decisive actions many of you have taken to shield people and the economy from COVID-19, that led to a decline in volatility in major financial markets in recent days," IMF managing director Kristalina Georgieva said at Tuesday's meeting.

"Nonetheless we remain very concerned about the negative outlook for global growth in 2020 and in particular about the strain a downturn would have on emerging markets and low-income countries."