G20 finance officials have vowed to use “all available policy tools” although they also warned that the outlook remains highly uncertain.
Finance ministers and central bankers of G20 member countries convened in a virtual meeting on Saturday. They said the global economy would recover as economies gradually reopen.
However, the G20 members said more action is required to ensure the growth of the global economy.
"We are determined to continue to use all available policy tools to safeguard people’s lives, jobs, and incomes, support global economic recovery, and enhance the resilience of the financial system while safeguarding against downside risks," they said in a statement after the meeting ended.
The Covid-19 virus has infected 14.14 million people globally and killed 596,576 victims, based on a Reuters tally.
The world’s largest economy, the US, ranks at the top of Covid-19 deaths.
Sweeping shutdowns aimed at halting the spread of the disease have caused massive disruption to the global economy, and are hitting the world's poorest countries hardest.