The 15th G20 Summit was held under the theme Realising Opportunities of the 21st Century for All. It was the first ever virtual summit in the history of the G20. At the initiative of Prime Minister Modi, the Saudi Presidency also convened an Extraordinary Virtual G20 Leaders’ Summit on 25 March 2020 to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge a coordinated global response. Following which, the Leaders released a statement on COVID-19 expressing commitment to fight the pandemic, safeguarding the global economy, addressing international trade disruptions, and enhancing global cooperation to counter the pandemic’s impact. The G20 also committed to injecting over USD$5 trillion into the global economy to counter the social and economic impact of the pandemic. Under the Saudi Presidency, the leaders endorsed the Debt Service Suspension Initiative (DSSI) and the Common Framework for Debt Treatments beyond the DSSI to provide liquidity relief to debt-ridden countries to allow them to concentrate their resources on providing social security and health benefits to their citizens and address the economic impact of the pandemic. Till date, the DSSI has provided relief of over USD$ 5 billion to more than 45 countries and has been extended till the end of 2021.
Important outcomes of the Saudi Presidency include the adoption of an action plan in response to COVID-19 and convening a joint meeting of the Finance and Health Ministers, as well as significant progress on discussions on the reform of the international tax system. The G20 also agreed to establish the Private Sector Alliance for Empowerment and launched the Progression of Women’s Economic Representation (EMPOWER) during the Saudi Presidency.
