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G20 leaders ring in unity with a pledge!

Leaders of the 20 biggest economies take the pledge of aiding the world by paying for Covid-19 tests, vaccines and medicines.

The main aim behind this decision was to take into consideration the poor countries and to extend debt relief to them. The leaders conveyed that the global economy has started to improve but the Covid-19 recovery rates continued to stay stagnant.

They stated that the recovery rates were uneven, highly uncertain, and subjected to elevated downside risks.

To improve the employment rates and to safeguard income and lives, the leaders promised to use important policy tools. They also encouraged the strengthening of multilateral development banks so that they can strengthen their efforts in dealing with the crisis. The EU has asked for 4.5 billion dollars from the G20 to pay fir tools for fighting Covid-19 on behalf of the poorer countries.

Private creditors have also been mentioned in the draft to show support and aid the development. They also stated that the private creditors were not supporting them to a great extent and encouraged their participation and support.