G20 to inject $5 trillion into global economy to fight coronavirus consequences

The Group of Twenty (G20) will invest over $5 trillion into the global economy to overcome financial consequences of the coronavirus pandemic, leaders of G20 member-states say in a joint statement after the extraordinary summit, BBC reports.

"We are currently undertaking immediate and vigorous measures to support our economies," the statement says. "We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic," the leaders say.

"We will continue to conduct bold and large-scale fiscal support. Collective G20 action will amplify its impact, ensure coherence, and harness synergies. The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth," heads of G20 member-states added in the statement.