UAE Minister of State Ahmed Al Sayegh said there is strong international co-operation to help the global economy cope with the ongoing coronavirus pandemic as G20 leaders pool their “financial, technological and strategic firepower”.
In an op-ed published in Asharq Al Awsat, Mr Al Sayegh – who is also the UAE's representative for the G20 process this year which is being presided over by Saudi Arabia – wrote that the group of 20 leading economies has the ability to bring together key international institutions involved in fighting the pandemic and heads of advanced economies together to form an effective response.
“The G20 brings together not just world leaders, but also central bank governors and ministers representing foreign affairs, finance, education, health, agriculture, employment, environment, energy, tourism, anti-corruption, trade, and the digital economy,” he wrote.
“As a grouping that comprises over 75 per cent of world trade and two-thirds of the world’s population, the G20’s resources should now be utilised in combating Covid-19 and its implications for us all.”
Last month, the group of 20 leading economies committed to inject $5 trillion (Dh 18.4tn) to fight the impact of the coronavirus on the global economy. However, the organisation, on Thursday, called for more donations to fight the pandemic.
The G20 secretariat said $1.9 billion had been donated by countries, philanthropic organisations and the private sector toward an $8bn target set by the Global Preparedness Monitoring Board, but more funds were needed.
In line with the G20’s commitment to inject funds into global economy, Mr Al Sayegh said that the UAE has contributed $70bn so far to its local economy to cushion the economic fallout from the virus outbreak.
The Gulf country has also carried out various humanitarian initiatives.
“The UAE has always been a strong believer in and advocate for a multilateral approach to address global issues. We believe the power of this approach is now stronger than ever as the world is confronted by what UN Secretary-General Antonio Guterres has described as the most challenging crisis since World War II,” wrote Mr Al Sayegh.
“We must work together to educate our citizens about the dangers this disease poses while also providing hope for a positive resolution as early as possible. While we do not yet know when that will be, we do know that the more coordinated and resolute our response, the better the outcome will be for the world.”
