Saudi Arabia calls for virtual G20 summit over coronavirus

RIYADH - Saudi Arabia has called for a “virtual” summit of leaders from the Group of 20 major economies to address the coronavirus pandemic.

“The Saudi G20 presidency is communicating with G20 countries to convene an extraordinary virtual G20 leaders’ summit… to advance a coordinated response to the COVID-19 pandemic and its human and economic implications,” the government said in a statement.

“G20 leaders will put forward a coordinated set of policies to protect people and safeguard the global economy.”

The announcement comes after G20 financial chiefs in February voiced “real concern” at meetings in Riyadh over the potential economic shock from the coronavirus pandemic. Since then, global stock and oil markets have slumped amid heightened concerns of the outbreak spreading.

Most market commentators say the virus-wracked world economy will likely plunge into recession.

The United States and Britain are spearheading a multibillion-dollar international fight against economic havoc as the European Union shuts its borders to travellers from outside for 30 days.

The announcement of the summit by Saudi Arabia, the first Arab country to hold the G20 presidency, comes amid criticism that the G20 was slow to address the pandemic.

“The G20 is missing in action today, unlike 2008,” Ian Bremmer, president and founder of the Eurasia Group, said on Twitter.

Saudi Arabia is bracing for a coronavirus-led economic slump after it shut cinemas, malls and restaurants, suspended the year-round umrah and locked down the eastern Qatif region — home to approximately 500,000 people — to contain the virus.

Riyadh also faces plummeting oil prices, which recently slipped below $30 a barrel for the first time in four years on the back of sagging demand and a price war with Russia.

Saudi Arabia is to host G20 leaders for the group’s annual summit November 21-22. It planned more than 100 events in the run-up to the summit, organisers said.

(Agence France-Presse)