March 6, 2020
We are deeply saddened by the human tragedy caused by the spread of
COVID-19. We fully support countries’ ongoing measures to contain the
outbreak, treat those affected and prevent further transmission.
As agreed in our February meeting, we are closely monitoring the evolution of
COVID-19 including its impact on markets and economic conditions. We
welcome the measures and plans put forward by countries to support
economic activity. We are ready to take further actions, including fiscal and
monetary measures, as appropriate, to aid in the response to the virus, support
the economy during this phase and maintain the resilience of the financial
system.
We will be working with the international community to assist developing
countries to cope with the impact of the outbreak. We welcome the steps
taken by the International Monetary Fund (IMF), the World Bank Group (WBG)
and other international organizations to help member countries by using their
available instruments to the fullest extent possible, including emergency
financing, policy advice and technical assistance as part of a coordinated
global response.
We underscore the need for cooperation to mitigate risks to the global
economy from unexpected shocks. To this end, we are working closely with
the IMF, the WBG, the Organization for Economic Cooperation and
Development (OECD) and the Financial Stability Board (FSB), and support
strong coordination with the World Health Organization (WHO), in particular
with a view to sharing information, assessing needs and devising policy
options that countries can implement in response to COVID-19 outbreak.
The G20 is an important forum for driving a global response during times of
uncertainty. We reiterate our commitment to use all available policy tools to
achieve strong, sustainable, balanced and inclusive growth, and safeguard
against downside risks. We will continue to review our individual and
coordinated actions in response to COVID-19.
