(MENAFN- Kuwait News Agency (KUNA)) RIYADH, Nov 21 (KUNA) -- Saudi Arabia on Saturday hosted the leaders of the world's 20 biggest economies via video link, as they discuss recovery from the coronavirus pandemic, which has sent the global economy teetering on the precipice of recession.
The pandemic has caused the world "immense economic and social damage," Saudi King Salman bin Abdulaziz said in his speech to get the virtual talks underway, highlighting that global cooperation was key to start the recovery process.
He alluded to the "more than USD 11 trillion" needed to be injected into the global economy to support pandemic relief efforts, in addition to the "more than USD 21 billion" in immediate aid to deal with a pandemic that has decimated jobs and placed livelihoods at risk.
To offset the impact of the pandemic, the Saudi king said that the coronavirus has exposed many "weak points that need to be rectified," with much emphasis placed on saving lives and "protecting the planet earth."
He went on to stress the need to "rearrange trade policies" as part of economic reforms intended to bring a glimmer of hope to the world after a bleak time caused by the pandemic.
International organizations and regional bodies are also joining the two-day talks organized by kingdom, which currently holds the presidency of the group of emerging powers and rich nations. (end)
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