G20 Riyadh Summit: Release of Leaders' Declaration

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For the G20 Summit this year, leaders of member countries are gathering for two days to discuss measures to promote global recovery from the COVID-19 pandemic.

The theme of the G20 Summit was "Realizing Opportunities of the 21st Century for All", as part of the G20's efforts to protect the global economy amid the coronavirus crisis.

The two-day online gathering came as global efforts intensify for a large-scale rollout of coronavirus vaccines after a breakthrough in trials, and for G20 nations to plug a $4.5-billion funding shortfall.

"We look forward to the work of the Independent Panel for Pandemic Preparedness and Response and the IHR Review Committee on evaluating the global health response to the pandemic as outlined in the World Health Assembly (WHA) Resolution on COVID-19", it added.

"We will do our best to overcome this crisis through global cooperation", he vowed.

"We call on the International Monetary Fund to continue exploring additional tools that could serve its members' needs as the crisis evolves, drawing on relevant experiences from previous crises".

The UAE participated in the summit along with G20 member countries.

The 2020 G20 Riyadh summit will be the 15th meeting of the G20.

He also asked for worldwide support for poor countries to combat the coronavirus outbreak as COVID-19 continues to rage not just in the United States and Europe but also in emerging and developing countries including in Latin America.

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"Investors are not journalists, investors are looking for countries where they can place their trust in an effective government that has proper economic decision-making", he said with a shrug. Economic activity picked up after reopening began but it has been uneven.

Leaders of world's 20 biggest economies say they would ensure a fair distribution of Covid-19 vaccines, drugs, and tests around the world so that poorer countries were not left out, according to a final summit communique.

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"We have a moral obligation to ensure that the trillions of dollars for Covid-19 recovery - money that we are borrowing from future generations - does not leave them burdened by a mountain of debt on a broken planet", he said.

Covid-19 has made digital diplomacy replace face-to-face.

Italian Prime Minister Giuseppe Conte, whose country will assume the 2021 G20 Presidency, urged unity and solidarity amid the global challenges. "To this end, we have provided emergency support to the developing countries, including the G20 Debt Service Suspension Initiative to low-income countries", the King added.

G20 leaders agreed in their final statement following a two-day virtual summit that appropriate standards should be set for so-called "stablecoins", a type of cryptocurrency that seeks to peg their market value to an external reference point to smooth out price fluctuations. Addressing racism requires cultural and structural changes. The South China Morning Post reported similar comments.

"I am confident that the Riyadh summit will deliver significant and decisive results and will lead to adopting economic and social policies that will restore hope and reassurance to the people of the world, " King Salman said. G20 member countries represent around 85% of the world's economic output and three-quarters of global trade. This is what the world has been expecting from us.

Landmark promises on vaccine access, a United States president gone golfing, and awkward questions for the Saudi hosts about the murder of campaigning journalist Jamal Khashoggi have dominated this year's virtual G20.

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