The G20 finance and health ministers have called for collective action to accelerate the research, development, manufacturing and distribution of diagnostic tools and vaccine to combat the Covid-19 pandemic. Xinhua via AP
The G20 finance and health ministers have called for collective action to accelerate the research, development, manufacturing and distribution of diagnostic tools and vaccine to combat the Covid-19 pandemic. Xinhua via AP
The G20 finance and health ministers have called for collective action to accelerate the research, development, manufacturing and distribution of diagnostic tools and vaccine to combat the Covid-19 pandemic. Xinhua via AP
The G20 finance and health ministers have called for collective action to accelerate the research, development, manufacturing and distribution of diagnostic tools and vaccine to combat the Covid-19 pa

G20 to use 'all policy tools' to support global economic recovery


Deepthi Nair
  • English
  • Arabic

Finance and health ministers of G20 nations have reiterated their commitment to support the global economy and called for a collective approach to develop vaccines and treatments to fight the Covid-19 pandemic.

“We will continue to use all available policy tools to safeguard people’s lives, jobs and incomes, support the global economic recovery, and enhance the resilience of health and financial systems, while safeguarding against downside risks,” G20 finance and health ministers said in a joint statement.

“Urgent collective priority is to overcome the Covid-19 pandemic and alleviate its health, social and economic impacts.”

The G20 is a group of the world’s 20 largest industrialised nations that includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, South Africa, Turkey, the UK, the US and the EU. Saudi Arabia currently holds the rotating presidency of the G20.

The ministers urged for a collective action to accelerate the research, development, manufacturing and distribution of diagnostic tools and vaccine to combat the pandemic that has rattled the global economy.

“We remain committed to investing in an effective response to the Covid-19 pandemic to bring the spread of the virus under control ... [to minimise] the economic and social disruption,” the statement added.

The G20 governments and central banks have pumped an unprecedented $11 trillion (Dh40.37tn) into their economies to help stabilise financial markets, protect jobs and support businesses.

In April, the G20 agreed on a time-bound Debt Service Suspension Initiative for poor countries, allowing suspension of debt until the end of this year. So far, more than 45 countries have asked for assistance under the scheme, resulting in the deferral of more than $5.3 billion in debt repayments.

The Covid-19 pandemic has plunged the global economy into the deepest recession since the 1930s, disrupted international trade and paralysed air travel. The International Monetary Fund forecasts the world economy to contract 4.9 per cent this year while the World Bank estimates it is likely to shrink 5.2 per cent.

Global coronavirus infections have exceeded 30.6 million, with 956,446 deaths reported, according to statistics from Worldometers.

G20 ministers acknowledged the need for investment in health systems and said the pandemic “has shown vulnerabilities in the international community’s ability to prevent, detect and respond effectively to pandemic threats”.

Resilient health systems, they said, can sustain equitable and affordable access to essential and quality health services for all, especially for the poorest and most vulnerable.

The pandemic risks wiping out gains made in education and health globally over the past decade, particularly in poorer nations, the World Bank said last week.

G20 ministers said “major gaps still exist in global pandemic preparedness and response” and called for voluntary monetary contributions from multilateral development banks to help developing countries access Covid-19 tools.

The ministers’ recommendations will be updated in the G20 Action Plan that will be presented at the G20 finance ministers and central bank governors’ meeting in October and the G20 Leaders’ Summit in November this year.

“We will ... build on key findings, lessons learned and propose recommendations to address existing gaps in global pandemic preparedness and response ahead of the G20 Leaders’ Summit in November 2020,” the G20 statement added.

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

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Global state-owned investor ranking by size

1.

United States

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China

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UAE

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Japan

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Norway

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Canada

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Singapore

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Saudi Arabia

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WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5