Indian Prime Minister Narendra Modi called for unhindered & immediate access to humanitarian aid in Afghanistan. The G20 leaders agreed to keep a 'laser focus' on anti-terror operations in the country. WION's Palki Sharma tells you more.

Gravitas: G20 says 'laser-focused' on terror in Afghanistan

Italian Prime Minister Mario Draghi will host a special summit of the Group of 20 major economies on Tuesday to discuss Afghanistan, as worries grow about a looming humanitarian disaster following the Taliban's return to power.

Since the Taliban took over Afghanistan on August&nbsp;15, the country - already struggling with drought and severe poverty after decades of war - has seen its economy all but collapse, raising the spectre of an exodus of refugees.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-to-visit-italy-for-g20-later-this-month-418849">PM Modi to visit Italy for G20 later this month</a>

The video conference, which is due to start at 1 pm&nbsp;(1100 GMT), will focus on aid needs, concerns over security and ways of guaranteeing safe passage abroad for thousands of Western-allied Afghans still in the country.

"Providing humanitarian support is urgent for the most vulnerable groups, especially women and children, with winter arriving," said an official with knowledge of the G20 agenda.

The UN&nbsp;Secretary General Antonio Guterres is due to join the summit, underlining the central role given to the United Nations in tackling the crisis - in part because many countries don't want to establish direct relations with the Taliban.

Italy, which holds the rotating presidency of the G20, has worked hard to set up the meeting in the face of highly divergent views within the disparate group on how to deal with Afghanistan after the chaotic US&nbsp;withdrawal from Kabul.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-to-participate-in-g20-leaders-summit-on-afghanistan-on-tuesday-419939">PM Modi to participate in G20 leaders' summit on Afghanistan on Tuesday</a>

"The main problem is that Western countries want to put their finger on the way the Taliban run the country, how they treat women for example, while China and Russia on the other hand have a non-interference foreign policy," said a diplomatic source close to the matter.

China has publicly demanded that economic sanctions on Afghanistan be lifted and that billions of dollars in Afghan international assets be unfrozen and handed back to Kabul. It was not clear if this would even be discussed on Tuesday.

While US&nbsp;President Joe Biden, Indian Prime Minister Narendra Modi and Europe's G20 leaders were expected to take part in the meeting, Chinese media reported that President Xi Jinping would not participate. It was also not clear if Russian President Vladimir Putin would dial in.

Afghanistan's neighbours Pakistan and Iran have not been invited to the virtual call, but Qatar, which has played a key role as an interlocutor between the Taliban and the West, will join the discussions, a diplomatic source said.

The virtual summit comes just days after senior US&nbsp;and Taliban officials met in Qatar for their first face-to-face meeting since the hardline group retook power.

Tuesday's meeting comes less than three weeks before the formal G20 leaders summit in Rome on Oct&nbsp;30-31, which is due to focus on climate change, the global economic recovery, tackling malnutrition and the COVID-19 pandemic.

Italian Prime Minister Mario Draghi will host a special summit of the Group of 20 major economies on Tuesday to discuss Afghanistan, as worries grow about a looming humanitarian disaster following the Taliban's return to power.

Italian Prime Minister Mario Draghi will host a special summit of the Group of 20 major economies on Tuesday to discuss Afghanistan, as worries grow about a looming humanitarian disaster following the Taliban's return to power. Since the Taliban took over Afghanistan on August 15, the country - already struggling with drought and severe poverty after decades of war - has seen its economy all but collapse, raising the spectre of an exodus of refugees. Also Read | PM Modi to visit Italy for G20 later this month The video conference, which is due to start at 1 pm (1100 GMT), will focus on aid needs, concerns over security and ways of guaranteeing safe passage abroad for thousands of Western-allied Afghans still in the country. "Providing humanitarian support is urgent for the most vulnerable groups, especially women and children, with winter arriving," said an official with knowledge of the G20 agenda. The UN Secretary General Antonio Guterres is due to join the summit, underlining the central role given to the United Nations in tackling the crisis - in part because many countries don't want to establish direct relations with the Taliban. Italy, which holds the rotating presidency of the G20, has worked hard to set up the meeting in the face of highly divergent views within the disparate group on how to deal with Afghanistan after the chaotic US withdrawal from Kabul. Also Read | PM Modi to participate in G20 leaders' summit on Afghanistan on Tuesday "The main problem is that Western countries want to put their finger on the way the Taliban run the country, how they treat women for example, while China and Russia on the other hand have a non-interference foreign policy," said a diplomatic source close to the matter. China has publicly demanded that economic sanctions on Afghanistan be lifted and that billions of dollars in Afghan international assets be unfrozen and handed back to Kabul. It was not clear if this would even be discussed on Tuesday. While US President Joe Biden, Indian Prime Minister Narendra Modi and Europe's G20 leaders were expected to take part in the meeting, Chinese media reported that President Xi Jinping would not participate. It was also not clear if Russian President Vladimir Putin would dial in. Afghanistan's neighbours Pakistan and Iran have not been invited to the virtual call, but Qatar, which has played a key role as an interlocutor between the Taliban and the West, will join the discussions, a diplomatic source said. The virtual summit comes just days after senior US and Taliban officials met in Qatar for their first face-to-face meeting since the hardline group retook power. Tuesday's meeting comes less than three weeks before the formal G20 leaders summit in Rome on Oct 30-31, which is due to focus on climate change, the global economic recovery, tackling malnutrition and the COVID-19 pandemic.

Humanitarian crisis in focus as Italy hosts G20 Afghan summit

Indian Prime Minister Narendra Modi will visit Italy later this month for the annual G20 summit. The G20 Heads of State and Government Summit will be held in Rome on October 30 and 31. This will be 3rd foreign visit of PM Modi amid the Covid pandemic. He visited Bangladesh in March and the US in September. While it is unlikely that PM Modi would visit any other country during his Italy visit no call has yet been made by New Delhi.

The summit will see many bilaterals on the sidelines. The 2019 Osaka summit in Japan saw bilateral between PM Modi and the then US President Donald Trump. G20 has been an occasion for the JAI (Japan, America, India) and RIC (Russia, India and China) leaders' meets. The BRICS leaders have also been meeting on the sidelines of the grouping's annual meet.

Also Read | <a href="https://www.wionews.com/india-news/my-journey-of-serving-the-people-pm-modi-completes-20-years-in-public-office-418835">'My journey of serving the people': PM Modi completes 20 years in public office</a>

Meanwhile, reports have suggested both the Chinese President Xi Jinping and new Japanese PM Fumio Kishida may not attend the G20 summit this year. While no reason is coming forth for Jinping, Japan's Kishida will not attend the summit due to parliamentary election in Japan. They are due to be held on October 31. That also means, meeting of JAI or RIC will not take place.

Also Read | <a href="https://www.wionews.com/india-news/india-stares-at-coal-crisis-as-cop26-eyes-chinas-coal-fired-power-projects-418819">India stares at coal crisis as COP26 eyes China's coal-fired power projects</a>

Rome summit will be the 16th G20 summit. Last year the summit happened virtually, because of the Covid crisis. India will be hosting the G20 in 2023 for the first time. Preparations are underway in New Delhi with construction of state-of-the-art venues.

Also Read | <a href="https://www.wionews.com/india-news/afghanistan-china-key-focus-during-sherman-shringla-talks-in-delhi-418799">Afghanistan, China key focus during Sherman-Shringla talks in Delhi</a>

G20 was formed during the 2008 global economic crisis, with the first summit taking place in November 2008. Since then, the group has taken a political role as well, discussing pressing global issues. Italy as the host, will hold a virtual G20 meet on Afghanistan on 12th October. The grouping that has 20 of the biggest economies. The countries account for major portion of global economy. This includes 80% of the trade. 2/3rd of world population lives in G20 countries and these countries make up for about half of world's land area.

Indian Prime Minister Narendra Modi will visit Italy later this month for the annual G20 summit. The G20 Heads of State and Government Summit will be held in Rome on October 30 and 31.

Indian Prime Minister Narendra Modi will visit Italy later this month for the annual G20 summit. The G20 Heads of State and Government Summit will be held in Rome on October 30 and 31. This will be 3rd foreign visit of PM Modi amid the Covid pandemic. He visited Bangladesh in March and the US in September. While it is unlikely that PM Modi would visit any other country during his Italy visit no call has yet been made by New Delhi. The summit will see many bilaterals on the sidelines. The 2019 Osaka summit in Japan saw bilateral between PM Modi and the then US President Donald Trump. G20 has been an occasion for the JAI (Japan, America, India) and RIC (Russia, India and China) leaders' meets. The BRICS leaders have also been meeting on the sidelines of the grouping's annual meet. Also Read | 'My journey of serving the people': PM Modi completes 20 years in public office Meanwhile, reports have suggested both the Chinese President Xi Jinping and new Japanese PM Fumio Kishida may not attend the G20 summit this year. While no reason is coming forth for Jinping, Japan's Kishida will not attend the summit due to parliamentary election in Japan. They are due to be held on October 31. That also means, meeting of JAI or RIC will not take place. Also Read | India stares at coal crisis as COP26 eyes China's coal-fired power projects Rome summit will be the 16th G20 summit. Last year the summit happened virtually, because of the Covid crisis. India will be hosting the G20 in 2023 for the first time. Preparations are underway in New Delhi with construction of state-of-the-art venues. Also Read | Afghanistan, China key focus during Sherman-Shringla talks in Delhi G20 was formed during the 2008 global economic crisis, with the first summit taking place in November 2008. Since then, the group has taken a political role as well, discussing pressing global issues. Italy as the host, will hold a virtual G20 meet on Afghanistan on 12th October. The grouping that has 20 of the biggest economies. The countries account for major portion of global economy. This includes 80% of the trade. 2/3rd of world population lives in G20 countries and these countries make up for about half of world's land area.

PM Modi to visit Italy for G20 later this month

Italian Prime Minister Mario Draghi on Friday discussed need for a special leader's level meeting on Afghanistan by G20 grouping with Indian Prime Minister Narendra Modi.

Italy is the chair for G20 this year and will host all meetings of the grouping this year, including the leaders' summit in October. The idea of a special meet on Afghanistan, which is an Italian Idea, is being discussed with several other G20 member countries as well.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/after-suicide-attack-us-drone-strike-kills-isis-k-planner-in-afghanistan-report-409004">US drone strike kills 'ISIS-K planner' in Afghanistan: Report</a>

A readout from Indian PMO on telephonic call said, "The leaders discussed the recent developments in Afghanistan and its implications for the region and the world". While condemning the terror attack at Kabul international airport last week, the readout said that the leaders, "stressed upon the need for international cooperation, including at the level of the G20, in addressing the humanitarian crisis and long-term security concerns arising out of the developments in Afghanistan."

During the talks, they also discussed issues such as&nbsp;climate change and in that context, exchanged views on other forthcoming multilateral engagements too, such as COP-26 that will take place in November. Draghi is the second leader with whom PM Modi has spoken to since the fall of Kabul to Taliban on August 15. Earlier, he had conversation with Russian President Vladimir Putin.

Meanwhile, White House spokesperson Psaki, in response to question on G20 meet on Afghanistan, directed it to state department&nbsp;pointing to "planned engagements with international partners in the coming days."&nbsp;

<a href="https://www.wionews.com/videos/afghanistan-flights-take-off-from-kabul-as-evacuations-resume-409022">WATCH |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/afghanistan-flights-take-off-from-kabul-as-evacuations-resume-409022/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

This is not the first-time a special meeting by G20 is being organised on international crisis. Last year, under Saudi leadership, G20 hosted special leaders level summit to deal with the Covid crisis.&nbsp;

The grouping formed after the 2008 financial crisis is increasingly being seen as key to global world order even as the United Nations remain defunct, especially lack of reforms at the security council. Countries such as&nbsp;China have been holding reforms at the security council, and blocking expansion of membership for countries like India. 
&nbsp;

Italian Prime Minister Mario Draghi on Friday discussed need for a special leader's level meeting on Afghanistan by G20 grouping with Indian Prime Minister Narendra Modi.

Italian Prime Minister Mario Draghi on Friday discussed need for a special leader's level meeting on Afghanistan by G20 grouping with Indian Prime Minister Narendra Modi. Italy is the chair for G20 this year and will host all meetings of the grouping this year, including the leaders' summit in October. The idea of a special meet on Afghanistan, which is an Italian Idea, is being discussed with several other G20 member countries as well. Also read | US drone strike kills 'ISIS-K planner' in Afghanistan: Report A readout from Indian PMO on telephonic call said, "The leaders discussed the recent developments in Afghanistan and its implications for the region and the world". While condemning the terror attack at Kabul international airport last week, the readout said that the leaders, "stressed upon the need for international cooperation, including at the level of the G20, in addressing the humanitarian crisis and long-term security concerns arising out of the developments in Afghanistan." During the talks, they also discussed issues such as climate change and in that context, exchanged views on other forthcoming multilateral engagements too, such as COP-26 that will take place in November. Draghi is the second leader with whom PM Modi has spoken to since the fall of Kabul to Taliban on August 15. Earlier, he had conversation with Russian President Vladimir Putin. Meanwhile, White House spokesperson Psaki, in response to question on G20 meet on Afghanistan, directed it to state department pointing to "planned engagements with international partners in the coming days." WATCH | This is not the first-time a special meeting by G20 is being organised on international crisis. Last year, under Saudi leadership, G20 hosted special leaders level summit to deal with the Covid crisis. The grouping formed after the 2008 financial crisis is increasingly being seen as key to global world order even as the United Nations remain defunct, especially lack of reforms at the security council. Countries such as China have been holding reforms at the security council, and blocking expansion of membership for countries like India.

G20 special meet on Afghanistan: Italian PM Draghi discusses matter with PM Modi

A recent Global survey found that three-quarters of people from the world's richest nations believe humanity is pushing the earth towards dangerous tipping points and favour a shift of priorities away from economic gain.

In the survey for the Global Commons Alliance (GCA), Ipsos Mori found that around 58 per cent of people are extremely concerned with the state of the planet.

Also read |&nbsp;<a href="https://www.wionews.com/world/we-dont-know-how-the-story-is-going-to-end-melting-glaciers-climate-change-alarm-scientists-405722" hreflang="en">'We don't know how the story is going to end': Melting glaciers, climate change alarm scientists</a>

Four out of five respondents reported willingness to do more to regenerate the global commons.

Owen Gaffney the lead author of this report, says the results show that the global community backs quick, decisive action to address the climate and ecological crises.

According to him, the world is aware of the crisis. People know we are taking huge risks, and they want their governments to do more.

The majority of respondents (59 per cent) stated that nature has already been damaged enough to no longer be able to meet human needs.

In general, 74 per cent agreed that nations should focus more on the wellbeing and health of people and nature instead of GDP and profits.

Also read |&nbsp;<a href="https://www.wionews.com/world/climate-change-is-a-hammer-hitting-us-on-the-head-developing-nations-say-405011">Climate change is a ‘hammer hitting us on the head,’ developing nations say</a>

Across the G20 nations, this was generally well supported. Just 25 per cent of respondents believed that governments should prioritize jobs and profits over nature.

The only country with a 50 per cent approval rate for economic priority was India.

In this survey of G20 nation's citizens, eighty-three per cent said they want to protect and restore nature more and more than two thirds (69 per cent) believe the benefits of protecting the global commons exceed the costs.&nbsp;

According to Kenya's environmentalist Elizabeth Wathuti, people are beginning to feel that nature is striking back.

She says that the power elite seems to believe it is okay to fell old trees, destruct natural ecosystems, dig up oil and plant new trees as long as they plant more trees later. However, these approaches are not working, and this report shows that many people aren't supportive of such economic idiocy, she added.

It is likely that vested political and economic interests will continue to resist moves to strengthen planetary ecosystems, as they have throughout the last half-century. Yet, a vast majority of the world's population supported overcoming those obstacles.

Also read |&nbsp;<a href="https://www.wionews.com/world/japan-floods-scientists-warn-climate-change-may-cause-erratic-rain-patterns-worldwide-405692" hreflang="en">Japan floods: Scientists warn climate change may cause erratic rain patterns worldwide</a>

The report identified a group that they labelled&nbsp;“emerging planetary stewards”.

This group&nbsp;generally consists of well-educated, urban, first-generation, global female citizens, under 45 years of age. These people are&nbsp;the most aware of the risks and are eager to work for change.&nbsp;

However, among men, older individuals, rural dwellers, nationalists, and residents of wealthy countries, awareness and willingness to act were lowest.

&nbsp;

A recent Global survey found that three-quarters of people from the world's richest nations believe humanity is pushing the earth towards dangerous tipping points and favour a shift of priorities away from economic gain.

A recent Global survey found that three-quarters of people from the world's richest nations believe humanity is pushing the earth towards dangerous tipping points and favour a shift of priorities away from economic gain. In the survey for the Global Commons Alliance (GCA), Ipsos Mori found that around 58 per cent of people are extremely concerned with the state of the planet. Also read | 'We don't know how the story is going to end': Melting glaciers, climate change alarm scientists Four out of five respondents reported willingness to do more to regenerate the global commons. Owen Gaffney the lead author of this report, says the results show that the global community backs quick, decisive action to address the climate and ecological crises. According to him, the world is aware of the crisis. People know we are taking huge risks, and they want their governments to do more. The majority of respondents (59 per cent) stated that nature has already been damaged enough to no longer be able to meet human needs. In general, 74 per cent agreed that nations should focus more on the wellbeing and health of people and nature instead of GDP and profits. Also read | Climate change is a ‘hammer hitting us on the head,’ developing nations say Across the G20 nations, this was generally well supported. Just 25 per cent of respondents believed that governments should prioritize jobs and profits over nature. The only country with a 50 per cent approval rate for economic priority was India. In this survey of G20 nation's citizens, eighty-three per cent said they want to protect and restore nature more and more than two thirds (69 per cent) believe the benefits of protecting the global commons exceed the costs. According to Kenya's environmentalist Elizabeth Wathuti, people are beginning to feel that nature is striking back. She says that the power elite seems to believe it is okay to fell old trees, destruct natural ecosystems, dig up oil and plant new trees as long as they plant more trees later. However, these approaches are not working, and this report shows that many people aren't supportive of such economic idiocy, she added. It is likely that vested political and economic interests will continue to resist moves to strengthen planetary ecosystems, as they have throughout the last half-century. Yet, a vast majority of the world's population supported overcoming those obstacles. Also read | Japan floods: Scientists warn climate change may cause erratic rain patterns worldwide The report identified a group that they labelled “emerging planetary stewards”. This group generally consists of well-educated, urban, first-generation, global female citizens, under 45 years of age. These people are the most aware of the risks and are eager to work for change. However, among men, older individuals, rural dwellers, nationalists, and residents of wealthy countries, awareness and willingness to act were lowest.

Humans pushing planet towards 'tipping point'; Global citizens concerned

G20 endorses historic global tax reform overhauling the way multinational companies are taxed. The move would prevent nations from competing to offer lowest tax rates, with a minimum corporate tax set at 15%.

Global Tax Reform: G20's move to deter tax havens

G20 Finance Ministers have endorsed a landmark move to stop multinationals shifting profits to low-tax havens. Watch this report to know more.

G20 Finance Ministers back historic corporate tax deal

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.

Some 132 countries have already signed up to a framework for international tax reform, including a minimum corporate rate of 15 percent, struck earlier this month.

But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years of negotiations.

"We have achieved a historic agreement on a more stable and fairer international tax architecture," the ministers said in a final statement following two days of talks in Venice, hosted by G20 president Italy.

<a href="https://www.wionews.com/videos/global-tax-reform-g20s-move-to-deter-tax-havens-397319">WATCH |</a>

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"We endorse the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax."

US Treasury Secretary Janet Yellen, among those attending the grouping's first face-to-face meeting since February 2020, said the momentum must not now be lost.

"The world is ready to end the global race to the bottom on corporate taxation," she said in a statement, adding that it "should now move quickly to finalise the deal".

French Finance Minister Bruno Le Maire said it was a once-in-a-century opportunity for a "tax revolution", adding: "There is no turning back."

His German counterpart, Olaf Scholz, tweeted: "Finally, large corporations can no longer escape their tax liability."

The reforms aim to prevent countries competing to offer the lowest tax rates to attract investment, which has often resulted in multinationals paying derisory levels of tax.

Final agreement is expected in the run-up to the G20 leaders' summit in Rome in October, with hopes the reforms can be in place by 2023.

Pressure on hold-outs

Countries including the United States, France and Germany have been pressing for a higher minimum tax rate.

But some nations are opposed to 15 percent, including Ireland, which lured Apple and Google to Dublin with low tax rates.

In their final statement, the G20 ministers "invite" countries to sign up.

Without the agreement of Ireland and other EU hold-outs Hungary and Estonia, the European Union cannot implement the deal.

And while hailing an "unprecedented agreement", EU economic affairs commissioner Paolo Gentiloni warned: "Our work is not done."

Non-governmental groups that analyse the tax affairs of multinationals, like Oxfam, have criticised the reform for letting rich countries keep most of the extra tax revenue.

Indian Finance Minister Nirmala Sitharaman, who attended the Venice talks remotely, said that "further work needs to be done to ensure a fairer, sustainable and inclusive tax system which results in meaningful revenue for developing countries".

Worldwide rules

Italian Finance Minister Daniele Franco said what had been achieved must not be underestimated.

"To have worldwide rules for taxing multinationals, for taxing profits of big companies is a major change, it's a major achievement," he said.

The minimum tax rate is expected to affect fewer than 10,000 major companies, but the OECD estimates an effective 15 percent rate would generate an extra $150 billion in revenue per year.

The measure is one of two so-called pillars of global tax reform that have been under negotiation for years and were given new impetus under US President Joe Biden.

The other would give countries a share of the taxes on profits earned in their territory.&nbsp;

Multinationals operate in many countries but usually pay taxes on profits only in tax domiciles cherry-picked for their low rates.

The profit reform would initially apply to the top 100 or so companies and is targeted at the most aggressive users of tax-reducing domiciles, such as technology giants Google, Amazon, Facebook, and Apple.

The changes agreed will ensure "that the right companies pay the right tax in the right places", British Finance Minister Rishi Sunak told AFP.

Covid risks

Hundreds of protesters converged on Venice on Saturday, although the Arsenal area of the lagoon city, where the meeting was held, was cordoned off to the general public.

"We don’t expect the real change, radical change that we need," said student Elena Carraro, 20, demanding the G20 focus more on climate change.

The G20, whose members represent about 85 percent of global wealth, did discuss the climate as well as the post-pandemic recovery.

Ministers warned that the global recovery was uneven and "exposed to downside risks, in particular the spread of new variants of the COVID-19 virus and different paces of vaccination".

They backed an initiative by the International Monetary Fund to increase aid to countries struggling to cope with the pandemic through special drawing rights -- international reserve assets -- saying it must be implemented "by the end of August".

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board. Some 132 countries have already signed up to a framework for international tax reform, including a minimum corporate rate of 15 percent, struck earlier this month. But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years of negotiations. "We have achieved a historic agreement on a more stable and fairer international tax architecture," the ministers said in a final statement following two days of talks in Venice, hosted by G20 president Italy. WATCH | × "We endorse the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax." US Treasury Secretary Janet Yellen, among those attending the grouping's first face-to-face meeting since February 2020, said the momentum must not now be lost. "The world is ready to end the global race to the bottom on corporate taxation," she said in a statement, adding that it "should now move quickly to finalise the deal". French Finance Minister Bruno Le Maire said it was a once-in-a-century opportunity for a "tax revolution", adding: "There is no turning back." His German counterpart, Olaf Scholz, tweeted: "Finally, large corporations can no longer escape their tax liability." The reforms aim to prevent countries competing to offer the lowest tax rates to attract investment, which has often resulted in multinationals paying derisory levels of tax. Final agreement is expected in the run-up to the G20 leaders' summit in Rome in October, with hopes the reforms can be in place by 2023. Pressure on hold-outs Countries including the United States, France and Germany have been pressing for a higher minimum tax rate. But some nations are opposed to 15 percent, including Ireland, which lured Apple and Google to Dublin with low tax rates. In their final statement, the G20 ministers "invite" countries to sign up. Without the agreement of Ireland and other EU hold-outs Hungary and Estonia, the European Union cannot implement the deal. And while hailing an "unprecedented agreement", EU economic affairs commissioner Paolo Gentiloni warned: "Our work is not done." Non-governmental groups that analyse the tax affairs of multinationals, like Oxfam, have criticised the reform for letting rich countries keep most of the extra tax revenue. Indian Finance Minister Nirmala Sitharaman, who attended the Venice talks remotely, said that "further work needs to be done to ensure a fairer, sustainable and inclusive tax system which results in meaningful revenue for developing countries". Worldwide rules Italian Finance Minister Daniele Franco said what had been achieved must not be underestimated. "To have worldwide rules for taxing multinationals, for taxing profits of big companies is a major change, it's a major achievement," he said. The minimum tax rate is expected to affect fewer than 10,000 major companies, but the OECD estimates an effective 15 percent rate would generate an extra $150 billion in revenue per year. The measure is one of two so-called pillars of global tax reform that have been under negotiation for years and were given new impetus under US President Joe Biden. The other would give countries a share of the taxes on profits earned in their territory. Multinationals operate in many countries but usually pay taxes on profits only in tax domiciles cherry-picked for their low rates. The profit reform would initially apply to the top 100 or so companies and is targeted at the most aggressive users of tax-reducing domiciles, such as technology giants Google, Amazon, Facebook, and Apple. The changes agreed will ensure "that the right companies pay the right tax in the right places", British Finance Minister Rishi Sunak told AFP. Covid risks Hundreds of protesters converged on Venice on Saturday, although the Arsenal area of the lagoon city, where the meeting was held, was cordoned off to the general public. "We don’t expect the real change, radical change that we need," said student Elena Carraro, 20, demanding the G20 focus more on climate change. The G20, whose members represent about 85 percent of global wealth, did discuss the climate as well as the post-pandemic recovery. Ministers warned that the global recovery was uneven and "exposed to downside risks, in particular the spread of new variants of the COVID-19 virus and different paces of vaccination". They backed an initiative by the International Monetary Fund to increase aid to countries struggling to cope with the pandemic through special drawing rights -- international reserve assets -- saying it must be implemented "by the end of August".

G20 endorses historic global tax reform

In Pics | Italy G20 finance protest

Finance&nbsp;ministers&nbsp;from the&nbsp;G20&nbsp;richest nations are expected to give the&nbsp;green&nbsp;light&nbsp;Saturday to a historic deal to&nbsp;tax&nbsp;multinational companies more fairly.

The framework for&nbsp;reform, including a minimum&nbsp;global&nbsp;corporation&nbsp;tax&nbsp;rate of 15 per cent, was agreed upon by 131 countries earlier this month and could be in place by 2023.

Hailed by those involved as "historic", it aims to stop the race to the bottom as countries compete to offer the lowest&nbsp;tax&nbsp;rates to attract investment, with many multinational companies as a result paying derisory levels of&nbsp;tax.

"This minimum&nbsp;tax&nbsp;on companies must be ambitious," French Finance&nbsp;Minister&nbsp;Bruno Le Maire told AFP on Friday, adding that the meeting of the&nbsp;G20&nbsp;-- the 19 richest countries and the European Union -- represented a unique opportunity.

The countries representing 85 per cent of&nbsp;global&nbsp;wealth were seeking a deal "for the 21st century, which will allow for the fair taxation of digital giants which largely escape taxation, which nobody can accept", he said.

'On the way'

Final agreement on the minimum rate is not expected until the run-up to the&nbsp;G20&nbsp;leaders'&nbsp;summit&nbsp;in Rome in October.

But the Venice talks are an opportunity to thrash out further details and exert pressure on those who have not yet signed up to the deal, struck under the auspices of the Organisation for Economic Cooperation and Development (OECD).

<a href="https://www.wionews.com/india-news/g20-summit-in-india-postponed-for-one-year-now-to-be-held-in-2023-344732">Also read |&nbsp;G20 summit in India postponed for one year, now to be held in 2023</a>

The United States, France and Germany are among several countries pressing for a higher rate, while aid agencies including Oxfam also argue that 15 per cent is too low.

But with some nations opposed even to this -- EU member Ireland lured Apple and Google to Dublin with its low&nbsp;tax&nbsp;rates -- there is not likely to be any change to the rate.

"We are really now on the way" to a deal that "will be finalised shortly", German Finance&nbsp;Minister&nbsp;Olaf Scholz told CNBC television.

The minimum rate is expected to affect fewer than 10,000 major companies, those with an annual turnover of more than 750 million euros.

It is one of two so-called pillars of&nbsp;global&nbsp;tax&nbsp;reform&nbsp;that have been under negotiation for years, and have been given new impetus under US President Joe Biden.

The other would give countries a share of the taxes on profits earned there, and would initially apply to the top 100 or so companies.

It is targeted at technology giants such as Google, Amazon, Facebook and Apple, but could also affect companies like energy giant BP, which is present in 85 countries.

According to a draft obtained by AFP of the final statement, which is still being discussed, the&nbsp;G20&nbsp;ministers&nbsp;will "endorse" the OECD's "historic agreement on a more stable and fairer international&nbsp;tax&nbsp;architecture".

US Treasury Secretary Janet Yellen, European Central Bank (ECB) chief Christine Lagarde and Russian Finance&nbsp;Minister&nbsp;Anton Siluanov were among those at the two-day meeting in Venice, while China and India attended virtually.

Security is tight, with the Arsenal area of the lagoon city closed off to locals and tourists, although hundreds of protesters are expected in Venice during the afternoon.

Climate change is also on the agenda, with Yellen on Friday calling on her&nbsp;G20&nbsp;counterparts to act with greater urgency to decarbonise the&nbsp;global&nbsp;economy.

The&nbsp;G20&nbsp;ministers&nbsp;and central bank chiefs are also expected to call for more support for countries hard-hit by the coronavirus pandemic.

International Monetary Fund chief Kristalina Georgieva this week urged the richest countries to step up efforts to help the poorest nations withstand the "devastating double-blow" of Covid-19 and the resulting economic damage.

Finance ministers from the G20 richest nations are expected to give the green light Saturday to a historic deal to tax multinational companies more fairly. The framework for reform, including a minimum global corporation tax rate of 15 per cent, was agreed upon by 131 countries earlier this month and could be in place by 2023.

Finance ministers from the G20 richest nations are expected to give the green light Saturday to a historic deal to tax multinational companies more fairly. The framework for reform, including a minimum global corporation tax rate of 15 per cent, was agreed upon by 131 countries earlier this month and could be in place by 2023. Hailed by those involved as "historic", it aims to stop the race to the bottom as countries compete to offer the lowest tax rates to attract investment, with many multinational companies as a result paying derisory levels of tax. "This minimum tax on companies must be ambitious," French Finance Minister Bruno Le Maire told AFP on Friday, adding that the meeting of the G20 -- the 19 richest countries and the European Union -- represented a unique opportunity. The countries representing 85 per cent of global wealth were seeking a deal "for the 21st century, which will allow for the fair taxation of digital giants which largely escape taxation, which nobody can accept", he said. 'On the way' Final agreement on the minimum rate is not expected until the run-up to the G20 leaders' summit in Rome in October. But the Venice talks are an opportunity to thrash out further details and exert pressure on those who have not yet signed up to the deal, struck under the auspices of the Organisation for Economic Cooperation and Development (OECD). Also read | G20 summit in India postponed for one year, now to be held in 2023 The United States, France and Germany are among several countries pressing for a higher rate, while aid agencies including Oxfam also argue that 15 per cent is too low. But with some nations opposed even to this -- EU member Ireland lured Apple and Google to Dublin with its low tax rates -- there is not likely to be any change to the rate. "We are really now on the way" to a deal that "will be finalised shortly", German Finance Minister Olaf Scholz told CNBC television. The minimum rate is expected to affect fewer than 10,000 major companies, those with an annual turnover of more than 750 million euros. It is one of two so-called pillars of global tax reform that have been under negotiation for years, and have been given new impetus under US President Joe Biden. The other would give countries a share of the taxes on profits earned there, and would initially apply to the top 100 or so companies. It is targeted at technology giants such as Google, Amazon, Facebook and Apple, but could also affect companies like energy giant BP, which is present in 85 countries. According to a draft obtained by AFP of the final statement, which is still being discussed, the G20 ministers will "endorse" the OECD's "historic agreement on a more stable and fairer international tax architecture". US Treasury Secretary Janet Yellen, European Central Bank (ECB) chief Christine Lagarde and Russian Finance Minister Anton Siluanov were among those at the two-day meeting in Venice, while China and India attended virtually. Security is tight, with the Arsenal area of the lagoon city closed off to locals and tourists, although hundreds of protesters are expected in Venice during the afternoon. Climate change is also on the agenda, with Yellen on Friday calling on her G20 counterparts to act with greater urgency to decarbonise the global economy. The G20 ministers and central bank chiefs are also expected to call for more support for countries hard-hit by the coronavirus pandemic. International Monetary Fund chief Kristalina Georgieva this week urged the richest countries to step up efforts to help the poorest nations withstand the "devastating double-blow" of Covid-19 and the resulting economic damage.

G20 ministers set to green light global tax reform

G20 finance ministers meeting in Venice on Friday and Saturday could rally the world's top economies behind a global plan to tax multinationals more fairly, already hashed out among 130 countries representing 90 percent of world output.

World Business Watch: G20 ministers to vote on global tax reform plan this week

Foreign ministers from the G-20 major economies met face-to-face on Tuesday for the first time since 2019 in Italy. The two days summit is a part of the series of high-level gatherings scheduled ahead of the G-20 leaders' summit in October.

G20 foreign ministers meet face-to-face after COVID-19 pandemic in Italy

The United States and&nbsp;China&nbsp;are discussing a possible meeting of US&nbsp;Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi at a G20 meet in Italy next week, the Financial Times reported on Wednesday citing people briefed on the talks.

The administration of <a href="https://www.wionews.com/topics/joe-biden">US&nbsp;President Joe Biden</a> has also informed counterparts in Beijing that it would like Wendy Sherman, deputy secretary of state, to visit&nbsp;China&nbsp;over the summer, the newspaper said.

According to the British newspaper's report, the White House has also held preliminary internal discussions about sending Blinken or Jake Sullivan, the national security adviser, to&nbsp;China&nbsp;later this year. A move that could set the stage for Biden and Chinese President Xi Jinping to hold a bilateral summit on the margins of the G20 leaders meeting in Rome in October.

Relations between the two nations have recently been particularly turbulent with <a href="https://www.wionews.com/topics/joe-biden">US President Joe Biden</a> ordering an enquiry into the Coronavirus origins.

Also read | <a href="https://www.wionews.com/world/g7-rally-around-the-need-to-counter-and-compete-with-china-white-house-391244">G7 rally around the need to 'counter and compete' with China: White House</a>

US's&nbsp;decision to significantly step up engagement with China comes after months of talks between the country and its allies on Beijing, and how to better address various concerns these nations share over China. Many of these&nbsp;talks produced some tough joint statements.&nbsp;

In the recently held G7 summit in the UK, The Group of Seven rich nations pledged to tackle China's growing influence, singling out China in their communique over human rights in Xinjiang and demanding freedoms and a high degree of autonomy for Hong Kong.

The nations also agreed to launch the <a href="https://www.wionews.com/world/g7-adopts-global-infrastructure-plan-an-answer-to-chinas-belt-and-road-initiative-391026">Build Back Better World" (B3W) project</a>,&nbsp;a plan that counter’s Chinese Belt and Road initiative, and is an attempt to build infrastructure in poorer nations.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-condemns-latest-us-warship-transit-of-taiwan-strait-393222">China condemns latest US warship transit of Taiwan Strait</a>

Recently, Beijing also accused the United States of threatening peace and stability, after a US&nbsp;warship again sailed through the sensitive waterway that separates Taiwan from China. This was the second such sailing, which according to the US was a "routine Taiwan Strait transit" done as per international law.

(With inputs from agencies)

The United States and China are discussing a possible meeting of US Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi at a G20 meet in Italy next week, the Financial Times reported on Wednesday citing people briefed on the talks.

The United States and China are discussing a possible meeting of US Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi at a G20 meet in Italy next week, the Financial Times reported on Wednesday citing people briefed on the talks. The administration of US President Joe Biden has also informed counterparts in Beijing that it would like Wendy Sherman, deputy secretary of state, to visit China over the summer, the newspaper said. According to the British newspaper's report, the White House has also held preliminary internal discussions about sending Blinken or Jake Sullivan, the national security adviser, to China later this year. A move that could set the stage for Biden and Chinese President Xi Jinping to hold a bilateral summit on the margins of the G20 leaders meeting in Rome in October. Relations between the two nations have recently been particularly turbulent with US President Joe Biden ordering an enquiry into the Coronavirus origins. Also read | G7 rally around the need to 'counter and compete' with China: White House US's decision to significantly step up engagement with China comes after months of talks between the country and its allies on Beijing, and how to better address various concerns these nations share over China. Many of these talks produced some tough joint statements. In the recently held G7 summit in the UK, The Group of Seven rich nations pledged to tackle China's growing influence, singling out China in their communique over human rights in Xinjiang and demanding freedoms and a high degree of autonomy for Hong Kong. The nations also agreed to launch the Build Back Better World" (B3W) project, a plan that counter’s Chinese Belt and Road initiative, and is an attempt to build infrastructure in poorer nations. Also read | China condemns latest US warship transit of Taiwan Strait Recently, Beijing also accused the United States of threatening peace and stability, after a US warship again sailed through the sensitive waterway that separates Taiwan from China. This was the second such sailing, which according to the US was a "routine Taiwan Strait transit" done as per international law. (With inputs from agencies)

US, China discuss possible meeting of secretary of state, Chinese foreign minister: Report

Coronavirus vaccine producers promised billions of doses for poorer countries at a G20 health summit Friday, where leaders vowed to expand access to jabs as the only way to end the pandemic.&nbsp;

The bosses of Pfizer, Moderna and Johnson &amp; Johnson announced they would supply around 3.5 billion vaccine doses at cost or discount to low- and middle-income countries this year and next.&nbsp;

Meanwhile, the European Union pledged to donate 100 million doses and invest in regional manufacturing hubs in Africa to reduce the continent's reliance on imports.&nbsp;

World Health Organization (WHO) chief Tedros Adhanom Ghebreyesus hailed the 'generous announcements', but warned, 'in the coming months, we will need hundreds of millions more doses’.&nbsp;

In their summit declaration, the Group of 20 most powerful countries emphasised the importance of open supply chains and equitable access to tools to tackle Covid-19.&nbsp;

"It is a very clear 'no' to health nationalism," said European Commission chief Ursula von der Leyen, who co-hosted the summit with Prime Minister Mario Draghi of Italy, the current G20 chair.&nbsp;

But the five-page text, containing a list of 16 principles, stopped short of endorsing the contentious idea of a temporary global waiver on patent protections for coronavirus vaccines to boost global production.&nbsp;

Instead, it called for other tools such as 'data sharing, capacity building, licensing agreements, and voluntary technology and know-how transfers on mutually agreed terms’.&nbsp;

Coronavirus vaccine producers promised billions of doses for poorer countries at a G20 health summit Friday, where leaders vowed to expand access to jabs as the only way to end the pandemic.

Coronavirus vaccine producers promised billions of doses for poorer countries at a G20 health summit Friday, where leaders vowed to expand access to jabs as the only way to end the pandemic. The bosses of Pfizer, Moderna and Johnson & Johnson announced they would supply around 3.5 billion vaccine doses at cost or discount to low- and middle-income countries this year and next. Meanwhile, the European Union pledged to donate 100 million doses and invest in regional manufacturing hubs in Africa to reduce the continent's reliance on imports. World Health Organization (WHO) chief Tedros Adhanom Ghebreyesus hailed the 'generous announcements', but warned, 'in the coming months, we will need hundreds of millions more doses’. In their summit declaration, the Group of 20 most powerful countries emphasised the importance of open supply chains and equitable access to tools to tackle Covid-19. "It is a very clear 'no' to health nationalism," said European Commission chief Ursula von der Leyen, who co-hosted the summit with Prime Minister Mario Draghi of Italy, the current G20 chair. But the five-page text, containing a list of 16 principles, stopped short of endorsing the contentious idea of a temporary global waiver on patent protections for coronavirus vaccines to boost global production. Instead, it called for other tools such as 'data sharing, capacity building, licensing agreements, and voluntary technology and know-how transfers on mutually agreed terms’.

Pharma firms, G20 leaders pledge vaccines for poorer nations 

The G20 leaders have issued a joint declaration at the close of the Global Health Summit aimed at coordinating worldwide efforts against the Covid-19 pandemic. 
 
The Rome Declaration is made up of 16 "mutually reinforcing principles" that "reconfirm our commitment to global solidarity, equity, and multilateral cooperation" and to promoting "sustained financing for global health", the G20 leaders said on Friday. 
 
"We affirm our support for efforts to strengthen supply chains and boost and diversify global vaccine-manufacturing capacity, including for the materials needed to produce vaccines, including by sharing risks, and welcome the vaccines technology transfer hub launched by the WHO," the declaration read. 
 
During a joint press conference at the close of the summit, Italian Prime Minister Mario Draghi and European Commission President Ursula von der Leyen expressed their satisfaction with the outcome of the event, which was organised by the Italian G20 Presidency in partnership with the European Commission. 
 
"I am very pleased with this summit because of the strength of the commitments that were undertaken, and the absolute conviction and sincerity with which they were made," Draghi told reporters. 
 
The Rome Declaration is "groundbreaking and historical because for the first time you have the G20 (members) all committing to basic principles", von der Leyen said. 
 
The most important of those principles, she said, is multilateralism, which runs like a golden thread through the Declaration. 
 
"This is a very clear `no` to health nationalism, to export bans, to bottlenecks," von der Leyen explained. 
 
"Supply chains have to be open. All the G20 members have agreed on that." 
 
Draghi followed up by saying that "the involvement of multilateral organizations such as the World Trade Organization (WTO) and the World Health Organization (WHO) will be the forums where countries will agree on the removal of export bans, the removal of property rights, and ensuring the continuous flow of the supply chains 
 
"We have discovered that a complete openness of boundaries is essential to produce vaccines in huge quantities and to make sure they are distributed to everybody," the Prime Minister said. 
 
Von der Leyen stressed that the three leading Western manufacturers of Covid vaccines have made major pledges going forward. 
 
"Pfizer/BioNTech has committed to delivering one billion doses of their vaccine this year to low-income countries, at zero profit," she said, adding that Johnson &amp; Johnson has committed to delivering 200 million doses and Moderna said it will deliver 100 million doses, under the same terms, this year. 
 
Von der Leyen added that Team Europe, which consists of the EU, its member states, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), will donate 100 million doses to low-income countries this year. 
 
Also taking part in the summit was WHO Director-General Tedros Adhanom Ghebreyesus, who said closing remarks on Friday: "Yesterday alone, more than 13,000 people around the world lost their lives to Covid-19, nine every single minute. Today the number will be similar and people will continue to die as long as the global disparity in vaccines persists." 
 
The WHO chief went on to say that while "the rapid development of Covid-19 vaccines is a triumph of science, their inequitable distribution is a failure for humanity". 
 
Also attending the one-day virtual conference were representatives from international organisations such as the UN, the African Union, the Association of Southeast Asian Nations (ASEAN), the World Bank, and the International Monetary Fund (IMF). 
 
Apart from the G20 members, Singapore, Spain and the Netherlands attended the summit as guest countries. 
 
Friday`s summit built on the Coronavirus Global Response, which is the European Commission`s campaign for universal access to affordable coronavirus vaccination, treatment and testing. 
 
The campaign launched in May last year has raised 15.9 billion euros ($19.4 billion) so far in pledges.

The G20 leaders have issued a joint declaration at the close of the Global Health Summit aimed at coordinating worldwide efforts against the Covid-19 pandemic. The Rome Declaration is made up of 16 "mutually reinforcing principles" that "reconfirm our commitment to global solidarity, equity, and multilateral cooperation" and to promoting "sustained financing for global health", the G20 leaders said on Friday.

The G20 leaders have issued a joint declaration at the close of the Global Health Summit aimed at coordinating worldwide efforts against the Covid-19 pandemic. The Rome Declaration is made up of 16 "mutually reinforcing principles" that "reconfirm our commitment to global solidarity, equity, and multilateral cooperation" and to promoting "sustained financing for global health", the G20 leaders said on Friday. "We affirm our support for efforts to strengthen supply chains and boost and diversify global vaccine-manufacturing capacity, including for the materials needed to produce vaccines, including by sharing risks, and welcome the vaccines technology transfer hub launched by the WHO," the declaration read. During a joint press conference at the close of the summit, Italian Prime Minister Mario Draghi and European Commission President Ursula von der Leyen expressed their satisfaction with the outcome of the event, which was organised by the Italian G20 Presidency in partnership with the European Commission. "I am very pleased with this summit because of the strength of the commitments that were undertaken, and the absolute conviction and sincerity with which they were made," Draghi told reporters. The Rome Declaration is "groundbreaking and historical because for the first time you have the G20 (members) all committing to basic principles", von der Leyen said. The most important of those principles, she said, is multilateralism, which runs like a golden thread through the Declaration. "This is a very clear `no` to health nationalism, to export bans, to bottlenecks," von der Leyen explained. "Supply chains have to be open. All the G20 members have agreed on that." Draghi followed up by saying that "the involvement of multilateral organizations such as the World Trade Organization (WTO) and the World Health Organization (WHO) will be the forums where countries will agree on the removal of export bans, the removal of property rights, and ensuring the continuous flow of the supply chains "We have discovered that a complete openness of boundaries is essential to produce vaccines in huge quantities and to make sure they are distributed to everybody," the Prime Minister said. Von der Leyen stressed that the three leading Western manufacturers of Covid vaccines have made major pledges going forward. "Pfizer/BioNTech has committed to delivering one billion doses of their vaccine this year to low-income countries, at zero profit," she said, adding that Johnson & Johnson has committed to delivering 200 million doses and Moderna said it will deliver 100 million doses, under the same terms, this year. Von der Leyen added that Team Europe, which consists of the EU, its member states, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), will donate 100 million doses to low-income countries this year. Also taking part in the summit was WHO Director-General Tedros Adhanom Ghebreyesus, who said closing remarks on Friday: "Yesterday alone, more than 13,000 people around the world lost their lives to Covid-19, nine every single minute. Today the number will be similar and people will continue to die as long as the global disparity in vaccines persists." The WHO chief went on to say that while "the rapid development of Covid-19 vaccines is a triumph of science, their inequitable distribution is a failure for humanity". Also attending the one-day virtual conference were representatives from international organisations such as the UN, the African Union, the Association of Southeast Asian Nations (ASEAN), the World Bank, and the International Monetary Fund (IMF). Apart from the G20 members, Singapore, Spain and the Netherlands attended the summit as guest countries. Friday`s summit built on the Coronavirus Global Response, which is the European Commission`s campaign for universal access to affordable coronavirus vaccination, treatment and testing. The campaign launched in May last year has raised 15.9 billion euros ($19.4 billion) so far in pledges.

G20 leaders commit to coordinate against Covid pandemic

India will take part in the Global Health Summit which is being co-hosted by Italy as the chair of the G20 grouping this year and the European Commission.

India will be represented by its Sherpa for G20 Suresh Prabhu at the meet that will take place on May 21.

The key outcome of the global health meet will be the "Rome Declaration" which will focus on lessons learned from the COVID-19 pandemic.

Last year G20 grouping had announced a number of coordinated measures to deal with the pandemic, including the economic fallout.

Ahead of the summit, Prime Minister of Italy Mario Draghi said that the summit "will provide a timely opportunity to share the lessons learned during the COVID-19 pandemic. We will discuss how to improve health security, strengthen our health systems and enhance our ability to deal with future crises in a spirit of solidarity."

The summit will see the participation of all G20 member countries, three&nbsp;guest countries&nbsp; - Singapore, Spain, Netherlands, Portugal as the President of the council of EU, Norway as the co-chair of the ACT-Accelerator, and Switzerland.

Other than that, international and regional organizations such as the UN, WHO, IMF, OECD, AU, ASEAN, WTO, FAO, GAVI, Global Fund. Members from New Partnership for Africa's Development (NEPAD), the World Organization for Animal Health (OIE), Coalition for Epidemic Preparedness Innovations (CEPI) will also participate.

India will take part in the Global Health Summit which is being co-hosted by Italy as the chair of the G20 grouping this year and the European Commission. India will be represented by its Sherpa for G20 Suresh Prabhu at the meet that will take place on May 21.

India will take part in the Global Health Summit which is being co-hosted by Italy as the chair of the G20 grouping this year and the European Commission. India will be represented by its Sherpa for G20 Suresh Prabhu at the meet that will take place on May 21. The key outcome of the global health meet will be the "Rome Declaration" which will focus on lessons learned from the COVID-19 pandemic. Last year G20 grouping had announced a number of coordinated measures to deal with the pandemic, including the economic fallout. Ahead of the summit, Prime Minister of Italy Mario Draghi said that the summit "will provide a timely opportunity to share the lessons learned during the COVID-19 pandemic. We will discuss how to improve health security, strengthen our health systems and enhance our ability to deal with future crises in a spirit of solidarity." The summit will see the participation of all G20 member countries, three guest countries - Singapore, Spain, Netherlands, Portugal as the President of the council of EU, Norway as the co-chair of the ACT-Accelerator, and Switzerland. Other than that, international and regional organizations such as the UN, WHO, IMF, OECD, AU, ASEAN, WTO, FAO, GAVI, Global Fund. Members from New Partnership for Africa's Development (NEPAD), the World Organization for Animal Health (OIE), Coalition for Epidemic Preparedness Innovations (CEPI) will also participate.

India to take part in Italy, EU led Global Health Summit on Friday

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic.

Finance ministers and central bank governors of the world`s top 20 economies, called the G20, held a video-conference on Friday. The global response to the economic havoc wreaked by the coronavirus was at top of the agenda.

In the first comments by a participating policymaker, the European Union`s economics commissioner Paolo Gentiloni said the meeting had been "good", with consensus on the need for a common effort on global COVID vaccinations.

"Avoid premature withdrawal of supportive fiscal policy" and "progress towards agreement on digital and minimal taxation" he said in a Tweet, signalling other areas of apparent accord.

A news conference by Italy, which holds the annual G20 presidency, is scheduled for 17.15 (1615 GMT)

The meeting comes as the United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies going despite COVID-19 lockdowns.

But despite the large sums, problems with the global rollout of vaccines and the emergence of new variants of the coronavirus mean the future of the recovery remains uncertain.

German Finance Minister Olaf Scholz warned earlier on Friday that recovery was taking longer than expected and it was too early to roll back support.

"Contrary to what had been hoped for, we cannot speak of a full recovery yet. For us in the G20 talks, the central task remains to lead our countries through the severe crisis," Scholz told reporters ahead of the virtual meeting.

"We must not scale back the support programmes too early and too quickly. That`s what I`m also going to campaign for among my G20 colleagues today," he said.

BIDEN DEBUT

Hopes for constructive discussions at the meeting are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, became U.S. president.

While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point.

The recovery is fragile elsewhere too - factory activity in China grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, and in Japan fourth quarter growth slowed from the previous quarter with new lockdowns clouding the outlook.

"The initially hoped-for V-shaped recovery is now increasingly looking rather more like a long U-shaped recovery. That is why the stabilization measures in almost all G20 states have to be maintained in order to continue supporting the economy," a G20 official said.

But while the richest economies can afford to stimulate an economic recovery by borrowing more on the market, poorer ones would benefit from being able to tap credit lines from the IMF -- the global lender of last resort.

To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF`s own currency called the Special Drawing Rights (SDR), but the idea was blocked by then U.S. President Donald Trump.

Scholz said the change of administration in Washington on Jan. 20 improved the prospects for more IMF resources. He pointed to a letter sent by U.S. Treasury Secretary Janet Yellen to G20 colleagues on Thursday, which he described as a positive sign also for efforts to reform global tax rules.

Civil society groups, religious leaders and some Democratic lawmakers in the U.S. Congress have called for a much larger allocation of IMF resources, of $3 trillion, but sources familiar with the matter said they viewed such a large move as unlikely for now.

The G20 may also agree to extend a suspension of debt servicing for poorest countries by another six months.

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic.

The world`s financial leaders are expected on Friday to agree to continue supportive measures for the global economy and look to boost the International Monetary Fund`s resources so it can help poorer countries fight off the effects of the pandemic. Finance ministers and central bank governors of the world`s top 20 economies, called the G20, held a video-conference on Friday. The global response to the economic havoc wreaked by the coronavirus was at top of the agenda. In the first comments by a participating policymaker, the European Union`s economics commissioner Paolo Gentiloni said the meeting had been "good", with consensus on the need for a common effort on global COVID vaccinations. "Avoid premature withdrawal of supportive fiscal policy" and "progress towards agreement on digital and minimal taxation" he said in a Tweet, signalling other areas of apparent accord. A news conference by Italy, which holds the annual G20 presidency, is scheduled for 17.15 (1615 GMT) The meeting comes as the United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies going despite COVID-19 lockdowns. But despite the large sums, problems with the global rollout of vaccines and the emergence of new variants of the coronavirus mean the future of the recovery remains uncertain. German Finance Minister Olaf Scholz warned earlier on Friday that recovery was taking longer than expected and it was too early to roll back support. "Contrary to what had been hoped for, we cannot speak of a full recovery yet. For us in the G20 talks, the central task remains to lead our countries through the severe crisis," Scholz told reporters ahead of the virtual meeting. "We must not scale back the support programmes too early and too quickly. That`s what I`m also going to campaign for among my G20 colleagues today," he said. BIDEN DEBUT Hopes for constructive discussions at the meeting are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, became U.S. president. While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point. The recovery is fragile elsewhere too - factory activity in China grew at the slowest pace in five months in January, hit by a wave of domestic coronavirus infections, and in Japan fourth quarter growth slowed from the previous quarter with new lockdowns clouding the outlook. "The initially hoped-for V-shaped recovery is now increasingly looking rather more like a long U-shaped recovery. That is why the stabilization measures in almost all G20 states have to be maintained in order to continue supporting the economy," a G20 official said. But while the richest economies can afford to stimulate an economic recovery by borrowing more on the market, poorer ones would benefit from being able to tap credit lines from the IMF -- the global lender of last resort. To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF`s own currency called the Special Drawing Rights (SDR), but the idea was blocked by then U.S. President Donald Trump. Scholz said the change of administration in Washington on Jan. 20 improved the prospects for more IMF resources. He pointed to a letter sent by U.S. Treasury Secretary Janet Yellen to G20 colleagues on Thursday, which he described as a positive sign also for efforts to reform global tax rules. Civil society groups, religious leaders and some Democratic lawmakers in the U.S. Congress have called for a much larger allocation of IMF resources, of $3 trillion, but sources familiar with the matter said they viewed such a large move as unlikely for now. The G20 may also agree to extend a suspension of debt servicing for poorest countries by another six months.

G20 to show united front on support for global economic recovery, cash for IMF

Saudi Arabia has taken multiple steps to polish its tarnished image in advance of this weekend’s hosting of the virtual summit of the G20 that groups the world’s foremost economies and in anticipation of an incoming Biden administration in the United States that is expected to be critical of Riyadh and potentially more conciliatory towards Iran and non-violent Islamists.

The initiatives target the US and European criticism of the five-year-old war in Yemen that has produced one of the world’s greatest humanitarian crises and concerns the Biden administration may adopt less Saudi and United Arab Emirates-centric policies than its predecessor headed by Donald J. Trump.

The steps further seek to project Saudi Arabia as being helpful in normalizing relations between Israel and the Muslim world even if it is not yet ready to do so itself and build links with Democrats in Washington as they prepare to take office in January.

Like other countries that fear a Biden administration may be less friendly than its predecessor, Saudi Arabia is looking for Washington PR and lobbying firms that can get it access to the president-elect and his entourage.

Saudi officials and Saudis close to Crown Prince Mohammed bin Salman are counting on the fact that despite criticism US President-elect Joe Biden sees Saudi Arabia in line with long-standing US policy as a crucial partner. “I am very confident that will continue,” said Finance Minister Mohammed Al-Jadaan.

The kingdom, betting that the Biden administration would accept that Saudi Arabia as the custodian of Islam’s two holiest cities, Mecca and Medina, would recognize Israel only once recognition was more widely accepted in the Muslim world, has sought to curry favour by pressuring others to normalize relations with the Jewish state.

Pakistan Prime Minister Imran Khan charged last week that the United States and another unidentified country were pressing him to establish diplomatic relations. Pakistani and Israeli media named Saudi Arabia as an unidentified country.&nbsp;

Representing the world’s third most populous Muslim nation, Pakistani recognition, following in the footsteps of the UAE and Bahrain, would be significant.

Missing from the Saudi menu is any effort to fend off criticism of the kingdom’s problematic human rights record. In fact, senior Saudi figures signalled that the kingdom was unlikely to bow to demands for the release of detained activists, clerics, and professionals and transparency on the 2018 killing of journalist Jamal Khashoggi in response to Mr. Biden’s insistence that he would restore human rights as an important element of US foreign policy.

Former Saudi intelligence chief and ambassador to London and Washington Prince Turki Al Faisal suggested that the absence of human rights in the kingdom’s efforts was no coincidence.

Addressing an American audience this week, Prince Turki said: “As far as human rights is concerned, we admit that we have issues to improve and we’re working on that. It is a work in progress. But respectfully, your country also has issues of human rights to improve upon. Witness the turmoil during your elections and the police shootings. We did not…invent waterboarding. Your issues are also a work in progress… Your elections are a wonderful spectacle from which we can learn. They also include elements which we will not learn.”

To drive the point home, a Saudi human rights group asserted this week that Khaled al-Oudeh, a brother of prominent cleric Salman al-Oudeh, who has been held in prison since 2017 and potentially faces the death penalty, had been sentenced to five years in prison on charges of "inciting sedition and destabilising security."

The Saudi Council of Senior Scholars last week, in the first official statement from the kingdom since Saudi Arabia and the UAE banned the group in 2014, labelled the Muslim Brotherhood a terrorist organization. The council said the group did not represent Islam, seeks “to grab the reins of power,” wreaks havoc, and commits “violence and terrorism.”

The council’s statement came as France and Austria were cracking down on Islamist groups, including the Brotherhood. The crackdown was in response to several attacks in Europe, including the gruesome murder of a French schoolteacher.

The statement, implicitly calling into question Saudi Arabia’s alliance in the Yemen war with Al-Islah, a Yemeni party aligned with the Brotherhood, came as the kingdom said it would honour a ceasefire if the Houthi rebels accepted a buffer zone along the Saudi-Yemeni border. The offer was designed to show that the kingdom was seeking a way out of the quagmire.

At the same time, Saudi authorities have stopped just short of blaming the Brotherhood for recent attacks on the French consulate in Jeddah, the Saudi embassy in The Hague and a French-sponsored World War One commemoration at a cemetery in the Red Sea port city, the first attack with explosives in years targeting foreigners in the kingdom.

The kingdom and the UAE fear that "Democrats can (re)create an atmosphere that enables the rise of the Brotherhood in the Sunni world like a decade ago. This is, in my view, what they see as a threat similar to the threat from Iran, if not a bigger one," said Eran Segal, a research fellow at the Ezri Center for Iran &amp; Gulf States research at the University of Haifa.

Mr. Segal was referring to former US President Barak Obama’s support for elections in Egypt and Tunisia in 2012 in the wake of the 2011 popular revolt that toppled Egyptian President Hosni Mubarak and his Tunisian counterpart, Zine El Abidine Ben Ali, longstanding US allies, despite the likelihood of Brotherhood electoral victories.

In Egypt, the victor, Mohammed Morsi, a Brotherhood leader, was removed from the presidency a year later in a UAE and Saudi-backed military coup that brought general-turned-president Abdel Fattah Al-Sisi to power.

Saudi Arabia’s G-20 presidency has sparked discussion on what the best approach to the kingdom would be: criticism and boycott or engagement. It is a debate that also confronts the incoming Biden administration.

The mayors of London, New York, Los Angeles, and Paris boycotted in September a G20 summit of urban leaders. Members of the European Parliament and the US Congress have called on European leaders and Mr Trump to not participate in this weekend’s summit.

It is an approach that David Rundell a US foreign service officer who served half of his 30-year career in the kingdom argues is doomed to failure. "Saudi Arabia needs encouragement for its economic reforms as well as in addressing its human rights record," Mr Rundell said, advocating greater engagement with rather than isolation of the kingdom.

(Disclaimer: The views of the writer do&nbsp;not represent the views of&nbsp;WION or ZMCL. Nor does WION or ZMCL endorse&nbsp;the views of the writer)

Saudi Arabia has taken multiple steps to polish its tarnished image in advance of this weekend’s hosting of the virtual summit of the G20 that groups the world’s foremost economies and in anticipation of an incoming Biden administration in the United States that is expected to be critical of Riyadh and potentially more conciliatory towards Iran and non-violent Islamists.

Saudi Arabia has taken multiple steps to polish its tarnished image in advance of this weekend’s hosting of the virtual summit of the G20 that groups the world’s foremost economies and in anticipation of an incoming Biden administration in the United States that is expected to be critical of Riyadh and potentially more conciliatory towards Iran and non-violent Islamists. The initiatives target the US and European criticism of the five-year-old war in Yemen that has produced one of the world’s greatest humanitarian crises and concerns the Biden administration may adopt less Saudi and United Arab Emirates-centric policies than its predecessor headed by Donald J. Trump. The steps further seek to project Saudi Arabia as being helpful in normalizing relations between Israel and the Muslim world even if it is not yet ready to do so itself and build links with Democrats in Washington as they prepare to take office in January. Like other countries that fear a Biden administration may be less friendly than its predecessor, Saudi Arabia is looking for Washington PR and lobbying firms that can get it access to the president-elect and his entourage. Saudi officials and Saudis close to Crown Prince Mohammed bin Salman are counting on the fact that despite criticism US President-elect Joe Biden sees Saudi Arabia in line with long-standing US policy as a crucial partner. “I am very confident that will continue,” said Finance Minister Mohammed Al-Jadaan. The kingdom, betting that the Biden administration would accept that Saudi Arabia as the custodian of Islam’s two holiest cities, Mecca and Medina, would recognize Israel only once recognition was more widely accepted in the Muslim world, has sought to curry favour by pressuring others to normalize relations with the Jewish state. Pakistan Prime Minister Imran Khan charged last week that the United States and another unidentified country were pressing him to establish diplomatic relations. Pakistani and Israeli media named Saudi Arabia as an unidentified country. Representing the world’s third most populous Muslim nation, Pakistani recognition, following in the footsteps of the UAE and Bahrain, would be significant. Missing from the Saudi menu is any effort to fend off criticism of the kingdom’s problematic human rights record. In fact, senior Saudi figures signalled that the kingdom was unlikely to bow to demands for the release of detained activists, clerics, and professionals and transparency on the 2018 killing of journalist Jamal Khashoggi in response to Mr. Biden’s insistence that he would restore human rights as an important element of US foreign policy. Former Saudi intelligence chief and ambassador to London and Washington Prince Turki Al Faisal suggested that the absence of human rights in the kingdom’s efforts was no coincidence. Addressing an American audience this week, Prince Turki said: “As far as human rights is concerned, we admit that we have issues to improve and we’re working on that. It is a work in progress. But respectfully, your country also has issues of human rights to improve upon. Witness the turmoil during your elections and the police shootings. We did not…invent waterboarding. Your issues are also a work in progress… Your elections are a wonderful spectacle from which we can learn. They also include elements which we will not learn.” To drive the point home, a Saudi human rights group asserted this week that Khaled al-Oudeh, a brother of prominent cleric Salman al-Oudeh, who has been held in prison since 2017 and potentially faces the death penalty, had been sentenced to five years in prison on charges of "inciting sedition and destabilising security." The Saudi Council of Senior Scholars last week, in the first official statement from the kingdom since Saudi Arabia and the UAE banned the group in 2014, labelled the Muslim Brotherhood a terrorist organization. The council said the group did not represent Islam, seeks “to grab the reins of power,” wreaks havoc, and commits “violence and terrorism.” The council’s statement came as France and Austria were cracking down on Islamist groups, including the Brotherhood. The crackdown was in response to several attacks in Europe, including the gruesome murder of a French schoolteacher. The statement, implicitly calling into question Saudi Arabia’s alliance in the Yemen war with Al-Islah, a Yemeni party aligned with the Brotherhood, came as the kingdom said it would honour a ceasefire if the Houthi rebels accepted a buffer zone along the Saudi-Yemeni border. The offer was designed to show that the kingdom was seeking a way out of the quagmire. At the same time, Saudi authorities have stopped just short of blaming the Brotherhood for recent attacks on the French consulate in Jeddah, the Saudi embassy in The Hague and a French-sponsored World War One commemoration at a cemetery in the Red Sea port city, the first attack with explosives in years targeting foreigners in the kingdom. The kingdom and the UAE fear that "Democrats can (re)create an atmosphere that enables the rise of the Brotherhood in the Sunni world like a decade ago. This is, in my view, what they see as a threat similar to the threat from Iran, if not a bigger one," said Eran Segal, a research fellow at the Ezri Center for Iran & Gulf States research at the University of Haifa. Mr. Segal was referring to former US President Barak Obama’s support for elections in Egypt and Tunisia in 2012 in the wake of the 2011 popular revolt that toppled Egyptian President Hosni Mubarak and his Tunisian counterpart, Zine El Abidine Ben Ali, longstanding US allies, despite the likelihood of Brotherhood electoral victories. In Egypt, the victor, Mohammed Morsi, a Brotherhood leader, was removed from the presidency a year later in a UAE and Saudi-backed military coup that brought general-turned-president Abdel Fattah Al-Sisi to power. Saudi Arabia’s G-20 presidency has sparked discussion on what the best approach to the kingdom would be: criticism and boycott or engagement. It is a debate that also confronts the incoming Biden administration. The mayors of London, New York, Los Angeles, and Paris boycotted in September a G20 summit of urban leaders. Members of the European Parliament and the US Congress have called on European leaders and Mr Trump to not participate in this weekend’s summit. It is an approach that David Rundell a US foreign service officer who served half of his 30-year career in the kingdom argues is doomed to failure. "Saudi Arabia needs encouragement for its economic reforms as well as in addressing its human rights record," Mr Rundell said, advocating greater engagement with rather than isolation of the kingdom. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer)

Saudi rushes to improve its image in advance of G20 and Biden

Indian Prime Minister Narendra Modi speaking at G20 summit Climate Change event has highlighted that India is "exceeding" its Paris Agreement targets and New Delhi is taking a number of "concrete actions" such as making LED lights popular which is saving 38 million tons of Carbon Dioxide emissions per year and smoke-free kitchens being provided to 80 million households.

He said, "Climate change must be fought not in silos but in an integrated, comprehensive and holistic way."

Explaining, "Inspired by our traditional ethos of living in harmony with the environment, and the commitment of my Government, India has adopted low-carbon and climate-resilient development practices."

Also read | At G20 summit, PM Modi pitches for 'global index' for post-COVID world

India has taken several measures such as elimination of single-use plastics, expansion of forest cover, restore 26 million hectares of degraded land by 2030, achieve 175 gigawatts of renewable energy aimed at reducing carbon footprint and prevent climate change.&nbsp;

Indian Prime Minister batted for the International Solar Alliance, pointing out how it is "among the fastest-growing International Organizations, with 88 signatories" and has plans to mobilise billions of dollars to train thousands of stake-holders, and promote research and development in renewable energy, the ISA will contribute to reducing carbon foot-print.

The Gurugram-headquartered alliance is an India initiated project aimed at using solar energy to reduce dependency on fossil fuel.&nbsp;

He said, "This is the best time for further increasing research and innovation in new and sustainable technologies. We should do so with a spirit of cooperation and collaboration."

The side event saw the participation of Saudi King Salman bin Abdulaziz Al-Saud who is the host of G20, along with Italy's PM Giuseppe Conte, Japan's PM Yoshihide Suga, Australia's PM Scott Morrison, Chinese President Xi Jinping and US President Donald Trump.

 
&nbsp;

Indian Prime Minister Narendra Modi speaking at G20 summit Climate Change event has highlighted that India is "exceeding" its Paris Agreement targets and New Delhi is taking a number of "concrete actions" such as making LED lights popular which is saving 38 million tons of Carbon Dioxide emissions per year and smoke-free kitchens being provided to 80 million households.

Indian Prime Minister Narendra Modi speaking at G20 summit Climate Change event has highlighted that India is "exceeding" its Paris Agreement targets and New Delhi is taking a number of "concrete actions" such as making LED lights popular which is saving 38 million tons of Carbon Dioxide emissions per year and smoke-free kitchens being provided to 80 million households. He said, "Climate change must be fought not in silos but in an integrated, comprehensive and holistic way." Explaining, "Inspired by our traditional ethos of living in harmony with the environment, and the commitment of my Government, India has adopted low-carbon and climate-resilient development practices." Also read | At G20 summit, PM Modi pitches for 'global index' for post-COVID world India has taken several measures such as elimination of single-use plastics, expansion of forest cover, restore 26 million hectares of degraded land by 2030, achieve 175 gigawatts of renewable energy aimed at reducing carbon footprint and prevent climate change. Indian Prime Minister batted for the International Solar Alliance, pointing out how it is "among the fastest-growing International Organizations, with 88 signatories" and has plans to mobilise billions of dollars to train thousands of stake-holders, and promote research and development in renewable energy, the ISA will contribute to reducing carbon foot-print. The Gurugram-headquartered alliance is an India initiated project aimed at using solar energy to reduce dependency on fossil fuel. He said, "This is the best time for further increasing research and innovation in new and sustainable technologies. We should do so with a spirit of cooperation and collaboration." The side event saw the participation of Saudi King Salman bin Abdulaziz Al-Saud who is the host of G20, along with Italy's PM Giuseppe Conte, Japan's PM Yoshihide Suga, Australia's PM Scott Morrison, Chinese President Xi Jinping and US President Donald Trump.

India exceeding Paris climate targets: PM Narendra Modi at G20 climate event

In a first for an Arab country, Saudi Arabia will host G20 summit on Saturday that will focus on ramping up global efforts to fund coronavirus vaccine and tackle the worsening economic crisis.&nbsp;

The two-day meeting will also be attended by Donald Trump, who has refused to concede defeat in the presidential election, despite several G20 leaders already congratulating Joe Biden for the victory.

Also read | <a href="https://www.wionews.com/opinions-blogs/saudi-rushes-to-improve-its-image-in-advance-of-g20-and-biden-344465">Saudi rushes to improve its image in advance of G20 and Biden</a>

The draft of the upcoming summit also reflected the coronavirus crisis, which said G20 nations are committed to doing everything possible to contain the pandemic, excerpts of which were shared by news agency Reuters.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/at-g20-fms-meet-india-proposes-global-standards-on-movement-of-people-325072">At G20 FMs meet, India proposes global standards on movement of people</a>

However, it also warned that a global economic recovery is still "uneven, highly uncertain, and subject to elevated downside risks".

The pandemic has forced the summit, which generally is an opportunity for one-on-one engagements, to be held digitally.&nbsp;

Saudi Arabia's King Salman will preside over the meeting, with sources close to the organisers saying climate change was among the top agendas of the summit. &nbsp;

World leaders, including German Chancellor Angela Merkel, Russian President Vladimir Putin and China's Xi Jinping are also expected to address the summit.&nbsp;

Meanwhile, the so-called ACT-Accelerator, an initiative that promotes an equitable distribution of coronavirus vaccines, has urged G20 members to plug a $4.5 billion funding gap.&nbsp; 
&nbsp;

In a first for an Arab country, Saudi Arabia will host G20 summit on Saturday that will focus on ramping up global efforts to fund coronavirus vaccine and tackle the worsening economic crisis.

In a first for an Arab country, Saudi Arabia will host G20 summit on Saturday that will focus on ramping up global efforts to fund coronavirus vaccine and tackle the worsening economic crisis. The two-day meeting will also be attended by Donald Trump, who has refused to concede defeat in the presidential election, despite several G20 leaders already congratulating Joe Biden for the victory. Also read | Saudi rushes to improve its image in advance of G20 and Biden The draft of the upcoming summit also reflected the coronavirus crisis, which said G20 nations are committed to doing everything possible to contain the pandemic, excerpts of which were shared by news agency Reuters. Also read | At G20 FMs meet, India proposes global standards on movement of people However, it also warned that a global economic recovery is still "uneven, highly uncertain, and subject to elevated downside risks". The pandemic has forced the summit, which generally is an opportunity for one-on-one engagements, to be held digitally. Saudi Arabia's King Salman will preside over the meeting, with sources close to the organisers saying climate change was among the top agendas of the summit. World leaders, including German Chancellor Angela Merkel, Russian President Vladimir Putin and China's Xi Jinping are also expected to address the summit. Meanwhile, the so-called ACT-Accelerator, an initiative that promotes an equitable distribution of coronavirus vaccines, has urged G20 members to plug a $4.5 billion funding gap.

Coronavirus pandemic remains top focus as Saudi gears up for G20 summit

According to the official, President Trump would participate in the virtual G20 summit on Saturday and Sunday.

US President Donald Trump to take part in virtual G20 summit | World News

The first-ever virtual G20 summit that will take place on&nbsp;November 21 and 22 will see COVID-19 crisis dominating the agenda. Prime Minister Narendra Modi will be representing India at the meet whose host is Saudi Arabia for this year. The summit is taking place virtually due to the pandemic.&nbsp;

A release by the ministry of external affairs said, "At the invitation of His Majesty King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, Kingdom of Saudi Arabia, Prime Minister Shri Narendra Modi will be attending the 15th G20 Summit chaired by the Kingdom of Saudi Arabia, under the theme 'Realising the Opportunities of 21st Century for All'&nbsp;on November 21-22, 2020."

Also read|&nbsp;<a href="https://www.wionews.com/india-news/india-luxembourg-summit-pm-modi-pitches-for-strengthening-relations-344172" hreflang="en">India-Luxembourg summit: PM Modi pitches for strengthening relations</a>

This is the second G20 summit this year, the first took place in March 2020 to take a coordinated approach by the world's top 20 economies to deal with the pandemic.

The MEA release explained, the focus of the upcoming G20 Summit will be on an "inclusive, resilient, and sustainable recovery from the COVID-19" with leaders discussing "pandemic preparedness and the ways and means to restore jobs."

From December 01, India will enter the G20 Troika, along with Saudi Arabia when Italy will take over the Presidency of the G-20. India will host the summit of the grouping in 2022.

Also read|&nbsp;<a href="https://www.wionews.com/india-news/india-planning-musical-on-south-koreas-indian-queen-344050" hreflang="en">India planning musical on South Korea's Indian Queen</a>

Earlier this week, speaking to WION, India's Sherpa to the G20, Suresh Prabhu said, "We have started the preparation,&nbsp;in full swing. It is led by PM Modi, he is a very hands-on leader of the country and we are already working on very high-tech, very state-of-the-art efficient secretariat in which there will number of ministries participating."

G20 emerged after the 2008 financial crisis and increasingly growing its weightage as the United Nations is seen as dysfunctional due to lack of reforms to reflect the new geopolitical realities.

The first-ever virtual G20 summit that will take place on November 21 and 22 will see COVID-19 crisis dominating the agenda. Prime Minister Narendra Modi will be representing India at the meet whose host is Saudi Arabia for this year.

The first-ever virtual G20 summit that will take place on November 21 and 22 will see COVID-19 crisis dominating the agenda. Prime Minister Narendra Modi will be representing India at the meet whose host is Saudi Arabia for this year. The summit is taking place virtually due to the pandemic. A release by the ministry of external affairs said, "At the invitation of His Majesty King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, Kingdom of Saudi Arabia, Prime Minister Shri Narendra Modi will be attending the 15th G20 Summit chaired by the Kingdom of Saudi Arabia, under the theme 'Realising the Opportunities of 21st Century for All' on November 21-22, 2020." Also read| India-Luxembourg summit: PM Modi pitches for strengthening relations This is the second G20 summit this year, the first took place in March 2020 to take a coordinated approach by the world's top 20 economies to deal with the pandemic. The MEA release explained, the focus of the upcoming G20 Summit will be on an "inclusive, resilient, and sustainable recovery from the COVID-19" with leaders discussing "pandemic preparedness and the ways and means to restore jobs." From December 01, India will enter the G20 Troika, along with Saudi Arabia when Italy will take over the Presidency of the G-20. India will host the summit of the grouping in 2022. Also read| India planning musical on South Korea's Indian Queen Earlier this week, speaking to WION, India's Sherpa to the G20, Suresh Prabhu said, "We have started the preparation, in full swing. It is led by PM Modi, he is a very hands-on leader of the country and we are already working on very high-tech, very state-of-the-art efficient secretariat in which there will number of ministries participating." G20 emerged after the 2008 financial crisis and increasingly growing its weightage as the United Nations is seen as dysfunctional due to lack of reforms to reflect the new geopolitical realities.

COVID-19 crisis to dominate G20 summit

Counter-terror, COVID-19 crisis, black money issue will be India's focus at the G20 virtual summit that will take place over the weekend on November 21 and 22, India's Sherpa for G20 Suresh Prabhu has said.

Counter-terror, COVID-19 crisis, black money issue will be India's focus at the G20 virtual summit that will take place over the weekend on November 21 and 22, India's Sherpa for G20 Suresh Prabhu has said. Speaking exclusively to our diplomatic correspondent Sidhant Sibal, Prabhu said, "We are looking at anti-terrorism strategy as a very comprehensive, all-pervasive idea that we should put together". The Indian prime minister will be participating in the virtual meet, which will see a special focus on joint strategy on how to deal with the COVID-19 pandemic. The virtual summit will be the third major virtual summit the Indian PM will attend this month after participating in the SCO and BRICS meeting. It is for the first time the G20 summit will take place virtually due to the COVID-19 crisis. India will host the summit in 2022 for which Suresh Prabhu said, "we are already working on very high-tech, very state-of-the-art efficient secretariat". WION: What are the main issues India will be talking about? Suresh Prabhu: The first issue is the pandemic itself. Two hundred countries, 200 geographies right now are suffering from the pandemic. As a result, the first focus of the summit is pandemic which is how do you deal with public health and what can global cooperation lead to, if it is a vaccine and to avoid such pandemics in the future. How do you have an early warning system, how do you have a surveillance system, what kind of protocol you must put in place. These are the kind of issues which would be discussed. The second issue is the economy, as a result of the pandemic, and not just only because of that, it only hastened the process. Even before the pandemic hit the world, in 2019 we witnessed the slowing down of the global economy. How do you deal with making the economy, work better and faster. It is the second important issue. Issues such as terror, climate change, global cooperation on money laundering are present. The Saudis have taken certain initiatives, which includes dialogue on water. This is an important issue by Saudis, they have also taken an important initiative on the environment - Circular economy. You know, in the next few years we will have the challenge of how do you deal with materials. One side of the problem is, how do you find enough problem to produce more, the second problem would be how to deal with used material, how to dispose them, that is why circular economy plays an important role. It is at the heart of the industrial part of environmental concerns. We have been strongly talking about the anti-corruption issue, PM is particularly keen on dealing with that issue. WION: How much of the black money issue will be raised? Suresh Prabhu: It is an important ongoing agenda, the PM has been raising it since 2014 when he attended G20 summit for first time in Australia in Brisbane. He has been raising the issue continuously. We have been raising it at every forum. We will take it forward. The other issue that will dominate is the future of WTO. We strongly believe as a country, India believes in multilateralism, rule-based trading system, we believe and support that WTO being a democratic institution as well as participatory forum, it should be strengthened and not weakened and in that context as the commerce minister I have held two mini-ministerial in India. Once after the collapse of the Buenos Aires ministerial, I held one in New Delhi in March 2018, and it was attended by 57 countries and the second one was in 2019, April again focusing on this issue on how to make WTO work better, stronger, and become more effective. That will again dominate the issue. WION: Terror has been dominating global concern, how much will New Delhi raise it? Suresh Prabhu: It is an important issue, we keep discussing, keep pressing that how do you deal with terrorism as a global phenomenon. Why do you need global action, also collation against terrorism globally, it needs technology, it needs cutting out support for financing terrorism, it is the root cause of terrorism which breeds such ideas into the minds of innocents. We are looking at anti-terrorism strategy as a very comprehensive, all-pervasive idea that we should put together. WION: How has it been different for you as a "Sherpa" in your talks with other Sherpas this year when "virtual" is the new normal? Suresh Prabhu: It is absolutely true that physical meetings have become very less. But that doesn't mean that proximity has gone, the physical proximity is less, but the closeness has increased because of the new medium we can actually have a virtual discussion with everybody. I have spoken to each and every Sherpa, and many more, at least 30-40 countries have been meeting me, talking regularly. We have been doing this, talking regularly, we will continue to engage with rest of the world via all means and when we become part of the troika in next few days, on December 1 and will continue to hold that position in 2023, even one year after we hand it over to Indonesia. We will continue to engage with it. WION: India will host the summit in 2022, have we started the preparations? Suresh Prabhu: We have started preparation in full swing. It is led by PM Modi, he is a very hands-on leader of the country and we are already working on very high-tech, state-of-the-art efficient secretariat in which there will be several ministries participating. We will also plan a number of events in 2022 that will involve the state government and several engagement groups like universities, research institutions, NGOs, scientists and business leaders. We have already started working on it aggressively.

Counter-terror, COVID-19 crisis, black money issue to be our focus at G20 virtual summit: India's sherpa Suresh Prabhu

For the first time in its over ten-year history, the G20 summit will take place virtually amidst the COVID pandemic. The virtual summit will take place on November 21 and 22nd and will be chair by Saudi King, King Salman bin Abdulaziz Al Saud.&nbsp;

Indian Prime Minister Narendra Modi will also take part in the virtual summit. On 9th September, PM Modi and Saudi Arabia's king spoke to each other and discussed the main priorities on the agenda of the G20 summit.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pakistan-has-de-listed-more-than-4000-international-terrorists-india-tells-un-330845">Pakistan has de-listed more than 4000 international terrorists, India tells UN</a>

No major global meeting is happening physically due to the COVID crisis and for the first time in its 75-year-old history, the United Nations General Assembly also met virtually.&nbsp;

The theme of this year's virtual summit will be ‘Realizing opportunities of the 21st Century for all’. Earlier this year, the G20 leaders met in even as the pandemic raged and took a number of coordinated actions including contributing $ 21 Billion to support production, distribution, and access to diagnostics, therapeutics, and vaccine.

A statement from G20 Secretariat, "The upcoming G20 Leaders’ Summit will focus on protecting lives and restoring growth, by addressing vulnerabilities uncovered during the pandemic and by laying down the foundations for a better future. The Summit will also focus on fostering international action to realize opportunities of the 21st century for all, by empowering people and protecting our planet, whilst harnessing the potential of innovation to shape new frontiers."

The world's biggest 20 economies also decided to inject $ 11 trillion to safeguard the global economy and, launched a debt suspension initiative for the least developed countries. Debt suspension defers-- debt worth $14 billion due this year for LDCs so that they can deal with the pandemic.&nbsp;

G20, as a grouping at leaders' level, emerged in 2008 when the global financial crisis was underway. Since then the summit has been happening in various G20 countries. India will hold the 17th summit in 2022.&nbsp;

 
&nbsp;

For the first time in its over ten-year history, the G20 summit will take place virtually amidst the COVID pandemic. The virtual summit will take place on November 21 and 22nd and will be chair by Saudi King, King Salman bin Abdulaziz Al Saud.

For the first time in its over ten-year history, the G20 summit will take place virtually amidst the COVID pandemic. The virtual summit will take place on November 21 and 22nd and will be chair by Saudi King, King Salman bin Abdulaziz Al Saud. Indian Prime Minister Narendra Modi will also take part in the virtual summit. On 9th September, PM Modi and Saudi Arabia's king spoke to each other and discussed the main priorities on the agenda of the G20 summit. Also read | Pakistan has de-listed more than 4000 international terrorists, India tells UN No major global meeting is happening physically due to the COVID crisis and for the first time in its 75-year-old history, the United Nations General Assembly also met virtually. The theme of this year's virtual summit will be ‘Realizing opportunities of the 21st Century for all’. Earlier this year, the G20 leaders met in even as the pandemic raged and took a number of coordinated actions including contributing $ 21 Billion to support production, distribution, and access to diagnostics, therapeutics, and vaccine. A statement from G20 Secretariat, "The upcoming G20 Leaders’ Summit will focus on protecting lives and restoring growth, by addressing vulnerabilities uncovered during the pandemic and by laying down the foundations for a better future. The Summit will also focus on fostering international action to realize opportunities of the 21st century for all, by empowering people and protecting our planet, whilst harnessing the potential of innovation to shape new frontiers." The world's biggest 20 economies also decided to inject $ 11 trillion to safeguard the global economy and, launched a debt suspension initiative for the least developed countries. Debt suspension defers-- debt worth $14 billion due this year for LDCs so that they can deal with the pandemic. G20, as a grouping at leaders' level, emerged in 2008 when the global financial crisis was underway. Since then the summit has been happening in various G20 countries. India will hold the 17th summit in 2022.

In a first, G20 Summit to take place virtually amid Covid-19 pandemic

Prime Minister Narendra Modi held a telephonic conversation on Wednesday with Saudi Arabia’s King Salman.

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Spoke on phone with His Majesty <a href="https://twitter.com/KingSalman?ref_src=twsrc%5Etfw">@KingSalman</a> about the important role being played by the G20 under the Saudi Presidency, including against COVID-19. We also reviewed the tremendous growth in our bilateral ties in recent years.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1303730207740706817?ref_src=twsrc%5Etfw">September 9, 2020</a></blockquote>
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The two leaders exchanged views on the global challenges following the COVID-19 pandemic and&nbsp;reviewed the work of the G20 countries.

The Prime Minister's Office said Modi expressed his appreciation for the leadership provided by Saudi Arabia during its ongoing presidency of the G20 grouping.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/g20-chair-saudi-arabia-accepts-pm-modis-call-for-meet-via-video-conference-over-coronavirus-287105">G20 chair Saudi Arabia accepts PM Modi's call for meet via video conference over coronavirus</a>

He also expressed "special thanks" to King Salman for the support provided to Indian expatriates by the Saudi authorities during the pandemic.

The two leaders agreed that the initiatives taken at the level of the G20 had helped in promoting a coordinated response to the pandemic.

They also discussed the main priorities presently on the agenda of the G20, it said.

The two leaders expressed satisfaction at the state of bilateral relations between India and Saudi Arabia, and committed to further strengthening cooperation in all areas, the PMO said.

Modi conveyed his warm wishes for the good health and well-being of King Salman, other members of the royal family of Saudi Arabia and all citizens of the kingdom.

Prime Minister Narendra Modi held a telephonic conversation on Wednesday with Saudi Arabia’s King Salman. Spoke on phone with His Majesty @KingSalman about the important role being played by the G20 under the Saudi Presidency, including against COVID-19.

Prime Minister Narendra Modi held a telephonic conversation on Wednesday with Saudi Arabia’s King Salman. Spoke on phone with His Majesty @KingSalman about the important role being played by the G20 under the Saudi Presidency, including against COVID-19. We also reviewed the tremendous growth in our bilateral ties in recent years. — Narendra Modi (@narendramodi) September 9, 2020 × The two leaders exchanged views on the global challenges following the COVID-19 pandemic and reviewed the work of the G20 countries. The Prime Minister's Office said Modi expressed his appreciation for the leadership provided by Saudi Arabia during its ongoing presidency of the G20 grouping. Also read: G20 chair Saudi Arabia accepts PM Modi's call for meet via video conference over coronavirus He also expressed "special thanks" to King Salman for the support provided to Indian expatriates by the Saudi authorities during the pandemic. The two leaders agreed that the initiatives taken at the level of the G20 had helped in promoting a coordinated response to the pandemic. They also discussed the main priorities presently on the agenda of the G20, it said. The two leaders expressed satisfaction at the state of bilateral relations between India and Saudi Arabia, and committed to further strengthening cooperation in all areas, the PMO said. Modi conveyed his warm wishes for the good health and well-being of King Salman, other members of the royal family of Saudi Arabia and all citizens of the kingdom.

PM Modi speaks to Saudi Arabia’s King Salman, discusses G20, coronavirus

At the G20 foreign ministers meeting that happened virtually on Thursday, India has proposed a global standard movement of people across national borders with common standards on COVID testing, test results, quarantine etc. The development comes in anticipation of global travel resuming as COVID crisis tapers.&nbsp;

India's external affairs minister (EAM) S Jaishankar proposed development of "voluntary G20 Principles on Coordinated Cross-Border Movement of People" which will have three main elements — standards on testing procedures and universal acceptability of test results,‘Quarantine procedures and movement and transit protocols.

Global travel, especially by airlines, came to a grinding halt earlier this year as COVID pandemic spread from China, which reported the first case of the disease.

<a href="https://www.wionews.com/world/russia-bats-for-g20-after-us-president-trumps-invitation-to-attend-for-g7-302769">Also read:&nbsp;Russia bats for G20 after US President Trump's invitation to attend for G7</a>

During the meet, EAM highlighted the steps taken by India during the pandemic, especially on its mega repatriation plan the Vande Bharat Mission, creation of ‘travel bubbles’ for travel "for the welfare and protection of foreign citizens stranded here as well as its own citizens abroad", a Ministry of External Affairs release said.

India has brought back 13 lakh stranded Indians abroad under the repatriation programme and announced the formation of travel air bubbles with countries with high Indian diaspora like the US.

EAM called on "Governments around the world to ensure that interests of foreign students are protected and movement of stranded seafarers back to their home country is facilitated", the release said.

<a href="https://www.wionews.com/india-news/external-affairs-minister-s-jaishankar-to-visit-moscow-for-shanghai-cooperation-organisation-meet-325005">Also read:&nbsp;External Affairs Minister S Jaishankar to visit Moscow for Shanghai Cooperation Organisation meet</a>

He also commended Saudi Arabia for its proactive approach in bringing "G20 countries together for dealing with this COVID-19 pandemic". Saudi Arabia is the chair of G20 this year and will host the summit later this year.

A release by G20 secretariat in Saudi Arabia said, during the meeting, "foreign ministers acknowledged the importance of opening borders, uniting families, and promoting measures to allow the economy to thrive in light" of the protective measures given by health organizations during the COVID-19 pandemic.

Both Indian and Chinese FMs were present in the virtual G20 FMs meet.

At the G20 foreign ministers meeting that happened virtually on Thursday, India has proposed a global standard movement of people across national borders with common standards on COVID testing, test results, quarantine etc.

At the G20 foreign ministers meeting that happened virtually on Thursday, India has proposed a global standard movement of people across national borders with common standards on COVID testing, test results, quarantine etc. The development comes in anticipation of global travel resuming as COVID crisis tapers. India's external affairs minister (EAM) S Jaishankar proposed development of "voluntary G20 Principles on Coordinated Cross-Border Movement of People" which will have three main elements — standards on testing procedures and universal acceptability of test results,‘Quarantine procedures and movement and transit protocols. Global travel, especially by airlines, came to a grinding halt earlier this year as COVID pandemic spread from China, which reported the first case of the disease. Also read: Russia bats for G20 after US President Trump's invitation to attend for G7 During the meet, EAM highlighted the steps taken by India during the pandemic, especially on its mega repatriation plan the Vande Bharat Mission, creation of ‘travel bubbles’ for travel "for the welfare and protection of foreign citizens stranded here as well as its own citizens abroad", a Ministry of External Affairs release said. India has brought back 13 lakh stranded Indians abroad under the repatriation programme and announced the formation of travel air bubbles with countries with high Indian diaspora like the US. EAM called on "Governments around the world to ensure that interests of foreign students are protected and movement of stranded seafarers back to their home country is facilitated", the release said. Also read: External Affairs Minister S Jaishankar to visit Moscow for Shanghai Cooperation Organisation meet He also commended Saudi Arabia for its proactive approach in bringing "G20 countries together for dealing with this COVID-19 pandemic". Saudi Arabia is the chair of G20 this year and will host the summit later this year. A release by G20 secretariat in Saudi Arabia said, during the meeting, "foreign ministers acknowledged the importance of opening borders, uniting families, and promoting measures to allow the economy to thrive in light" of the protective measures given by health organizations during the COVID-19 pandemic. Both Indian and Chinese FMs were present in the virtual G20 FMs meet.

At G20 FMs meet, India proposes global standards on movement of people

Russia on Tuesday batted for G20, which includes G7, BRICS and other leading centres of economic growth and political influence of the entire world after Trump invited Russia, India and other countries to attend G7 summit. &nbsp;

The idea of an expanded G7 summit is, in general, a step in the right direction but doesn't mean a true representation as it's hardly possible to implement serious global initiatives without China, said&nbsp;Russian Foreign Ministry Spox Maria Zakharova.&nbsp;

''The idea of an expanded G7 summit is in general a step in the <a href="https://www.wionews.com/world/trump-postpones-g7-summit-talks-about-inviting-india-302073">right direction</a> but doesn't mean a true representation. For instance, it's obvious that it's hardly possible to implement serious global initiatives without China,'' &nbsp;Russian Foreign Ministry Spokesperson Maria Zakharova was quoted as saying.&nbsp;

''We currently have an efficient, tried and tested format, G20, which includes G7, BRICS and other leading centres of economic growth and political influence of the entire world, not just one part of it,'' &nbsp;Zakharova added.&nbsp;

G7 is the group of top seven developed economies. These include the US, United Kingdom, France, Germany, Italy, Japan and Canada. Heads of States of these countries meet annually to discuss issues of global governance, including climate change, security and the economy.

Trump has postponed the <a href="https://www.wionews.com/world/trumps-bid-to-counter-china-invite-india-russia-to-g7-302693">G7 Summit</a> till September and expressed his desire to expand the "outdated" bloc to G10 or G11, including India, Russia, South Korea and Australia to the grouping of the world's top economies.

Russia on Tuesday batted for G20, which includes G7, BRICS and other leading centres of economic growth and political influence of the entire world after Trump invited Russia, India and other countries to attend G7 summit.

Russia on Tuesday batted for G20, which includes G7, BRICS and other leading centres of economic growth and political influence of the entire world after Trump invited Russia, India and other countries to attend G7 summit. The idea of an expanded G7 summit is, in general, a step in the right direction but doesn't mean a true representation as it's hardly possible to implement serious global initiatives without China, said Russian Foreign Ministry Spox Maria Zakharova. ''The idea of an expanded G7 summit is in general a step in the right direction but doesn't mean a true representation. For instance, it's obvious that it's hardly possible to implement serious global initiatives without China,'' Russian Foreign Ministry Spokesperson Maria Zakharova was quoted as saying. ''We currently have an efficient, tried and tested format, G20, which includes G7, BRICS and other leading centres of economic growth and political influence of the entire world, not just one part of it,'' Zakharova added. G7 is the group of top seven developed economies. These include the US, United Kingdom, France, Germany, Italy, Japan and Canada. Heads of States of these countries meet annually to discuss issues of global governance, including climate change, security and the economy. Trump has postponed the G7 Summit till September and expressed his desire to expand the "outdated" bloc to G10 or G11, including India, Russia, South Korea and Australia to the grouping of the world's top economies.

Russia bats for G20 after US President Trump's invitation to attend for G7

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.&nbsp;

The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-shares-fall-weighed-down-by-cheap-oil-and-economic-warnings-292692">Global shares fall, weighed down by cheap oil and economic warnings</a>

The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pandemic-causing-deep-recession-and-it-could-get-worse-imf-292545">Pandemic causing deep recession, and it could get worse: IMF</a>

Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months."

The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing.

He also said that the G20 officials are committed to "further support the world as it faces this pandemic".&nbsp;

The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday.&nbsp;

The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people."

Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries.&nbsp;

The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s.&nbsp;

It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis.

As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said.

(With AFP inputs)

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak. The G20 also reiterated its commitment to using "all possible tools" to tackle the health and economic crisis caused by COVID-19. Also read | Global shares fall, weighed down by cheap oil and economic warnings The G20 finance ministers and central bankers agreed on "a time-bound suspension of debt service payments for the poorest countries," and in the communique after their virtual meeting, said, "All bilateral official creditors will participate in this initiative." Also read | Pandemic causing deep recession, and it could get worse: IMF Saudi Finance Minister Mohammed Al-Jadaan, who currently heads the group, said this means "poor countries don't need to worry about repaying over the course of the next 12 months." The move will "provide north of $20 billion of immediate liquidity" for poor countries to use "for their health system and support their people facing COVID-19," Al-Jadaan said in a press briefing. He also said that the G20 officials are committed to "further support the world as it faces this pandemic". The International Monetary Fund and World Bank had been urging the governments to provide debt relief to the countries most in need, and finance ministers from the Group of Seven developed economies agreed to do so on Tuesday. The IMF and World Bank praised the announcement, describing it "a powerful, fast-acting initiative that will do much to safeguard the lives and livelihoods of millions of the most vulnerable people." Both the international lending organisations have rushed to roll out emergency financing and received air requests from more than 100 countries. The IMF has called the current economic crisis the "Great Lockdown," warning that it will cut $9 trillion off global growth as the global economy contracts by three per cent this year, the worst since the Great Depression in the 1930s. It estimates that 20 governments already have committed nearly $8 trillion towards fighting the virus and providing economic relief to households and companies struggling to weather the crisis. As the "pandemic continues its deadly march around the world," how much more will "depend on how effective measures are, and how quickly the virus retreats," IMF chief Kristalina Georgieva said. (With AFP inputs)

Coronavirus: G20 agrees to provide debt relief to poorest countries

The Group of Seven advanced nations favours a temporary halt to debt payments from the world's poorest countries, but only if G20 governments also agree, AFP report said quoting G7 finance ministers said Tuesday.

The Group of Seven advanced nations favours a temporary halt to debt payments from the world's poorest countries, but only if G20 governments also agree, AFP report said quoting G7 finance ministers said Tuesday. Noting that these countries face the most hardship in trying to deal with the coronavirus pandemic, the G7 members "stand ready to provide a time-bound suspension on debt service payments" owed to their governments "if joined by all bilateral official creditors in the G20 and as agreed with the Paris Club." The G20 includes major emerging market economies like China and Russia.

G7 favours temporary halt to debt payments for poorest countries if G20 agrees

European Union has said that India has taken pandemic very seriously and New Delhi's measures to curb COVID spread is in line with global lessons learnt.&nbsp;

Speaking to WION's diplomatic correspondent Sidhant Sibal, EU Ambassador to India Ugo Astuto said, Unprecedented events call for unprecedented actions, and welcoming Indian PM Modi starting the "conversation" on COVID at G20.

WION: How do India and EU cooperating on COVID crisis? 
 
Ambassador Ugo Astuto: Thank u very much. The crisis has called for national cooperation and solidarity and I think India and EU start from the same proposition that we are all together in this and that we all need to work together to overcome the challenge. Unprecedented events call for unprecedented actions, fast and coordinated action. Coordination on macroeconomic policy to mitigate the downturn also needed. Initiative taken by PM Modi to start the conversation in G20 was particularly was timely and EU fully support, I think, we need to work together and we need to mobilize all the international mechanism to be it the UN, G20 or IMF and Indian leadership has been in touch with the European leadership EU and member state on the present state regularly. EAM and his counterpart spoke and we try to work hand in hand to offer our contribution to the global endeavour.

WION: How is the situation in Europe? 
Ambassador Ugo Astuto: It is a global pandemic and it is impacting the entire world. Europe has been hit, it has been hit hard, Italy, Spain, France and all over Europe. No country has been spared actually, now in Europe we have started to see some signal infection is slowing, hopefully, it will regress starting with countries it has hit first. But we need to remain vigilant and determined and it is not time to lower our guard, we need to continue to keep and take necessary measures to fight the virus, and EU has been mobilizing all the tools it has to foster a coordinated reaction to the challenge, just to give you an example, we have mobilized funds 140 million..ensuring provisions of medical equipment, coordinating the delivery of masks and respirators which are surely needed this time, set up a task force of scientists to develop guidelines and strategy, it is important whatever we do is evidence-based and based on best available scientific advice and we have been trying to help global endeavours, for instance, supporting WHO by setting aside euro 140 million to boost global containment.

WION: How do see Indian actions to curb COVID? 
Ambassador Ugo Astuto: Indian authorities have taken the issue of pandemic very seriously since the beginning and rightly so. I see measures adopted is in line with the lessons learnt in other countries. As I said, we need to act globally in a coordinated fashion to win this battle, so EU and India are on the same page, and initiatives taken by PM Modi to discuss it at G20, is something important. We need a global conversation and global cooperation on COVID and we need global coordinated actions and international action.

WION: European citizens in India, their evacuation..any update? 
Ambassador Ugo Astuto: Several EU member states have started to organise special flights to bring tourist home and EU delegation has tried to assist in their endeavours and u can imagine it is a complex operation logistically. EU members states are counting on the full support of Indian authorities and we are very grateful, it is a massive operation and not yet over and difficult to quote figures but I think we are looking at thousands of tourists. &nbsp;

WION: How do u see UN meet on COVID 
Ambassador Ugo Astuto: We have all been taken aback at the beginning of this crisis and magnitude of the challenge we facing and now we all stepping up the reaction. Globally, EU is a strong supporter of the UN and belives in the rules-based international system of governance and we can only welcome, discussion at UN for a coordinated global response.

European Union has said that India has taken pandemic very seriously and New Delhi's measures to curb COVID spread is in line with global lessons learnt. Speaking to WION's diplomatic correspondent Sidhant Sibal, EU Ambassador to India Ugo Astuto said, Unprecedented events call for unprecedented actions, and welcoming Indian PM Modi starting the "conversation" on COVID at G20.

European Union has said that India has taken pandemic very seriously and New Delhi's measures to curb COVID spread is in line with global lessons learnt. Speaking to WION's diplomatic correspondent Sidhant Sibal, EU Ambassador to India Ugo Astuto said, Unprecedented events call for unprecedented actions, and welcoming Indian PM Modi starting the "conversation" on COVID at G20. WION: How do India and EU cooperating on COVID crisis? Ambassador Ugo Astuto: Thank u very much. The crisis has called for national cooperation and solidarity and I think India and EU start from the same proposition that we are all together in this and that we all need to work together to overcome the challenge. Unprecedented events call for unprecedented actions, fast and coordinated action. Coordination on macroeconomic policy to mitigate the downturn also needed. Initiative taken by PM Modi to start the conversation in G20 was particularly was timely and EU fully support, I think, we need to work together and we need to mobilize all the international mechanism to be it the UN, G20 or IMF and Indian leadership has been in touch with the European leadership EU and member state on the present state regularly. EAM and his counterpart spoke and we try to work hand in hand to offer our contribution to the global endeavour. WION: How is the situation in Europe? Ambassador Ugo Astuto: It is a global pandemic and it is impacting the entire world. Europe has been hit, it has been hit hard, Italy, Spain, France and all over Europe. No country has been spared actually, now in Europe we have started to see some signal infection is slowing, hopefully, it will regress starting with countries it has hit first. But we need to remain vigilant and determined and it is not time to lower our guard, we need to continue to keep and take necessary measures to fight the virus, and EU has been mobilizing all the tools it has to foster a coordinated reaction to the challenge, just to give you an example, we have mobilized funds 140 million..ensuring provisions of medical equipment, coordinating the delivery of masks and respirators which are surely needed this time, set up a task force of scientists to develop guidelines and strategy, it is important whatever we do is evidence-based and based on best available scientific advice and we have been trying to help global endeavours, for instance, supporting WHO by setting aside euro 140 million to boost global containment. WION: How do see Indian actions to curb COVID? Ambassador Ugo Astuto: Indian authorities have taken the issue of pandemic very seriously since the beginning and rightly so. I see measures adopted is in line with the lessons learnt in other countries. As I said, we need to act globally in a coordinated fashion to win this battle, so EU and India are on the same page, and initiatives taken by PM Modi to discuss it at G20, is something important. We need a global conversation and global cooperation on COVID and we need global coordinated actions and international action. WION: European citizens in India, their evacuation..any update? Ambassador Ugo Astuto: Several EU member states have started to organise special flights to bring tourist home and EU delegation has tried to assist in their endeavours and u can imagine it is a complex operation logistically. EU members states are counting on the full support of Indian authorities and we are very grateful, it is a massive operation and not yet over and difficult to quote figures but I think we are looking at thousands of tourists. WION: How do u see UN meet on COVID Ambassador Ugo Astuto: We have all been taken aback at the beginning of this crisis and magnitude of the challenge we facing and now we all stepping up the reaction. Globally, EU is a strong supporter of the UN and belives in the rules-based international system of governance and we can only welcome, discussion at UN for a coordinated global response.

Indian measures in line with global lessons says European Union; lauds PM Modi's initiative at G20

World's wealthiest countries had not done enough to combat Covid-19, leaders says in the G20 summit. G20 nations pledged a united front in the fight against coronavirus and injecting USD 5 trillion into the global economy to counter the pandemic. A task force has been made in the summit, which starts working from April

World's wealthiest countries had not done enough on Covid-19- G20

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