Covid-19: G20 leaders work together to prevent further loss of life and minimise economic damage

G20 leaders from around the world gathered for a virtual meeting to commit to taking all necessary measures to prevent further loss of life and minimise economic damage.

According to the Group of Twenty (G20) website, this forum for international economic cooperation ‘brings together leaders of both developed and developing countries from every continent’. A statement released by G20 said, “The unprecedented Covid-19 pandemic is a powerful reminder of our interconnectedness and vulnerabilities. The virus respects no borders. Combatting this pandemic calls for a transparent, robust, coordinated, large-scale and science-based global response in the spirit of solidarity. We are strongly committed to presenting a united front against this common threat.”

President Cyril Ramaphosa, who was one of the leaders who attended the virtual meeting said, “The world is looking at this gathering for guidance and reassurance that we will provide the leadership required to deal effectively with this human catastrophe.”

Ramaphosa said that in his opinion, there are three main focuses.

The first focus is to save lives. “Lives can be saved when all the life-supporting products and mechanisms are available. As Africa we are concerned about the possible shortages of medicines, protective products and vaccines as factories close or countries retain supplies for their own consumption.”

He said that it is vital to coordinate efforts to increase global production and improve the availability of medical products and equipment.

The second imperative is to safeguard the global economy. “This pandemic is going to worsen the economic situations of many African economies. It will reverse the gains that many countries have made in recent years.”

Leaders need to ensure trade and investment flows are not adversely disrupted. He said that African central banks, including the South African Reserve Bank, have responded through stimulus measures, such as rate cuts, among others, to provide liquidity. But these efforts need support and the international community needs to demonstrate solidarity.

The third imperative is solidarity and international collaboration. “Multilateralism is even more important today to protect citizens in every part of the world. The African Union Bureau met this morning and decided to give meaning to the concept of solidarity by establishing the African Coronavirus Fund to help fund Africa’s work in fighting this virus.”

According to Ramaphosa, a few African countries were able to raise million (about R351 million) in just 30 minutes and he invited G20 countries to support this African initiative by donating to this fund.

He concluded, “I am certain that when the history of our times is written, it will reflect on today’s meeting and will record that the leaders of the G20 did the right thing.”

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