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G20 commits $5 trn spending; aims to boost world economy in coronavirus

Finance ministers to prepare action plan soon, Trade ministers to assess impact on global trade

Prime Minister Narendra Modi interacts with fellow world leaders during the virtual G20 Summit, in New Delhi on Thursday. Photo: PTI
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Prime Minister Narendra Modi interacts with fellow world leaders during the virtual G20 Summit, in New Delhi on Thursday. Photo: PTI

Subhayan Chakraborty New Delhi
The Group of 20, or G20, leaders on Thursday pledged to inject $5 trillion into the global economy to blunt the economic impact of the coronavirus pandemic.

The infusion — pushed through a targeted fiscal policy, economic measures, and guarantee schemes — will counteract the social, economic and financial impacts of the pandemic, according to a statement released after the G20 Leaders’ Summit.

“We ask our finance ministers and central bank governors to coordinate on a regular basis to develop a G20 action plan in response to COVID-19 and work closely with international organisations to swiftly deliver the appropriate international