Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

Leaders of the world’s 20 biggest economies vowed on Sunday to spare no effort to supply COVID-19 drugs, tests and vaccines affordably and fairly to “all people,” reflecting worries that the pandemic could deepen global divisions between rich and poor.

The pandemic and prospects of an uneven and uncertain economic recovery were at the centre of a two-day summit under the chairmanship of Saudi Arabia, which will hand the G20 presidency to Italy next month.

“The COVID-19 pandemic and its unprecedented impact in terms of lives lost, livelihoods and economies affected, is an unparalleled shock that has revealed vulnerabilities in our preparedness and response and underscored our common challenges,” the final communique said.

Story continues below advertisement

G20 nations will work to “protect lives, provide support with a special focus on the most vulnerable, and put our economies back on a path to restoring growth, and protecting and creating jobs for all.”

On vaccines, tests and treatments, the leaders said: “We will spare no effort to ensure their affordable and equitable access for all people.”

The world’s economy has experienced a sharp contraction this year as measures to contain the spread of the virus have curbed transport, trade, and demand across the planet.

The meeting was held by video link, like many such gatherings this year. Saudi Arabia’s King Salman said in his closing remarks that the group had “adopted important policies that will achieve recovery all the way to an economy that is resilient, sustainable, inclusive, and balanced.”

G20 leaders said that while global economic activity has partially picked up thanks the gradual reopening of some economies, the recovery is uneven, highly uncertain and subject to downside risks.

They reaffirmed their commitment to use “all available policy tools as long as required” to protect people’s lives, jobs, and incomes.

DEBT FREEZE

The G20 has endorsed a plan to extend a freeze in debt service payments by the poorest countries to mid-2021 and a common approach for dealing with debt problems beyond that, according to the communique.

Story continues below advertisement

The Debt Service Suspension Initiative has helped 46 countries defer $5.7 billion in 2020 debt service payments, short of the 73 countries that were eligible, and promised savings of around $12 billion.

The head of the International Monetary Fund called on Sunday for prompt and effective implementation of the G20 framework for debt treatments beyond the initiative and said other countries needed help as well.

“Going forward, we must also help those countries not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient,” IMF Managing Director Kristalina Georgieva said in a statement after addressing the G20 leaders.

In their joint statement, the leaders also said they strongly encouraged private creditors to participate in the initiative on comparable terms when requested by eligible countries.

Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.

The communique also stressed the importance of multilateral institutions. It called on the IMF to continue exploring additional tools that could help its members’ needs as the crisis evolves.

Story continues below advertisement

Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines. Sign up today.

Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens.
Visit the hub

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies