The outbreak of COVID-19 and the road to recovery cast a shadow of G20 summit’s outcomes, the summit was held on November 21 and 22, 2020 in Saudi Arabia, chaired by King Salman bin Abdulaziz Al Saud. This page reviews its most prominent outcomes.
The outbreak of COVID-19 and the road to recovery cast a shadow of G20 summit’s outcomes, the summit was held on November 21 and 22, 2020 in the Kingdom of Saudi Arabia, chaired by King Salman bin Abdulaziz Al Saud.
The most prominent outcomes in the Leaders' Declaration of the summit:
1. Suspend Poor Nations' Debt Until June 2021
Leaders are committed to suspending poor nations' debt and giving them an outlet of time. As Finance Ministers and Central Bank Governors will examine if the economic and financial situation requires a further extension.
2. The Establishment of The Global Innovation Hub
Leaders reconfirmed the importance of UHC financing in developing countries. As well as the joint work to continue tackling antimicrobial resistance (AMR) and zoonotic diseases based on the One-Health approach.
3. Ensure that Global Transportation Routes Remain Open and Secure
Leaders commited to ensure that global transportation routes and supply chains remain open, safe, and secure.
4. Ensure a Global Financial Safety Net
Leaders reiterated their commitment to ensure a stronger global financial safety net with a strong and adequately resourced.
5. Combating Money Laundering and Terrorist Financing
Leaders affirmed their support for the FATF, as the global standard-setting body for preventing and combating money laundering, terrorist financing. They reiterated their strong commitment to tackle all sources, techniques and channels of these threats. as will their commitment to strengthening the Global Network of regional bodies.
6. Supporting Sustainable Development for Developing Countries
Leaders affirmed their commitment to explore more sustainable financing options for growth in Africa.As the social and economic impact of the pandemic makes it even more urgent to accelerate efforts to end poverty and tackle inequalities.
7. Supporting Employment in The Pandemic
The leaders support access to comprehensive, robust, and adaptive social protection for all, including those in the informal economy, and endorse the use of the Policy Options for Adapting Social Protection to Reflect the Changing Patterns of Work. Also they endorse the G20 Youth Roadmap 2025 which states reducing the share of young people who are at most risk of being permanently left behind in the labor market by 15 percent by 2025.
8. Women’s Empowerment
The Group leaders pledged to step up their efforts towards reducing the gap in labor force participation between men and women by 25 percent by 2025 along with improving the quality of women’s employment; We will take steps to remove the barriers to women’s economic participation and entrepreneurship. The summit also welcomed the commencement of the Private Sector Alliance for the Empowerment and Progression of Women’s Economic Representation for women’s advancement in leadership positions.
9. Facilitate The Global Tourism Recovery
Leaders confirmed to continue their efforts in collaboration with stakeholders, including the private sector, to facilitate the travel and tourism sector’s recovery from the COVID-19 pandemic. They welcomed the Tourism Community Initiative as a catalyst of sector recovery, including the creative economy. Also, they endorsed the G20 Guidelines for Action on Safe and Seamless Travel and welcome the establishment of the G20 Tourism Working Group.
10. Preserving Environment
Leaders agreed on the necessity of joint work to protect the planet, face the challenges arising from climate change, and preserve the environment to achieve a strong, inclusive, balanced, and sustainable economy.
11. Shared Action to Address Refugees and Migration
Leaders emphasize the importance of shared actions to mitigate the impact of the pandemic on those in vulnerable situations, which may include refugees, migrants and forcibly displaced people; respond to growing humanitarian needs; and address the root causes of displacement. As well as continue the dialogue on the various dimensions of these issues in the G20.
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