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Chinese pres Xi to attend G20 summit March 26 via video conference in Beijing – Xinhua

An extraordinary virtual summit of G20 leaders on March 26, to be chaired by Saudi Arabia's King Salman, to advance the globally coordinated response to the ongoing coronavirus pandemic will also host Chinese President Xi, according to Xinhua.

G20 finance ministers and central bankers agreed during a separate video conference this week to develop an "action plan" to respond to the outbreak, which the International Monetary Fund expects will trigger a global recession.

The Kingdom, which holds the G20 presidency this year, called last week for the leaders to speak by video-conference.

Reuters reports that "Agathe Demarais, global forecasting director at the Economist Intelligence Unit, said given monetary policy constraints, the G20 countries’ only option to support growth might be fiscal stimulus, but that could raise the risk of a debt crisis, with “devastating effect on global growth.”"

“This is something that G20 leaders will have in mind if they go for stimulus packages,” Demarais added.

Summit will be complicated by an oil price war

"The summit will be complicated by an oil price war between two members, Saudi Arabia and Russia, and rising tensions between two others, the United States and China, over the origin of the virus, which has infected nearly 400,000 people globally and killed more than 17,200," Reuters News wrote.

 

 

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