KSA –G20 closing statement allocates 11 trillion dollars to support global economic recovery

Riyadh – KSA 22/11/2020

G20 leaders concluded the summit In the presence of the leaders of the top 20 largest economies in the world hosted by King Salman of Saudi Arabia. During the meetings of the summit, the presidency for the next year, 2021, was handed over by King Salman to Italian Prime Minister, Joseph Conte. The follow-up of the resolutions of the Riyadh summit, which was held for the first time since 15 years ago, was assigned, by video conference to the Italian presidency of the next summit. In the conclusion of the summit meetings, several resolutions were issued and focus on developing a global plan to address the economic, social, and health crisis caused by the Corona pandemic, enhancing the global economy, providing guarantees for global investors by creating an atmosphere of growth and development, safeguarding people’s jobs and income to confront the negative impact of Covid-19, preserving financial stability and reviving growth and international trade. The summit also approved the Riyadh initiative to reform the World Trade Organization and set a guideline to ensure the continuation of international trade activities during pandemics and the flow of goods and services. 11 trillion dollars were allocated for the recovery of the international economies from the negative impact of the pandemic. The summit promoted the circular carbon economy (CCB); to protect the environment and to ensure global food security as more than 1 billion people suffer from food shortages and mark the climate change that has caused serious damage to many countries of the world that exposes humanity to great risks. This initiative guarantees carbon storage and reuse it in industries to turn into an added value instead of currently being a threat to the environment.