G20 summit comes in response to collective responsibility to fight coronavirus: King Salman

G20 major economies summit, headed by Saudi Arabia's King Salman, started today a bid to fend off a coronavirus-triggered recession.

"As the world confronts the COVID-19 pandemic and challenges to healthcare systems the global economy, we convene this extraordinary G20 summit to unite efforts towards a global response," King Salman said.

According to King Salman, the Covid-19 outbreak will likely weigh on the global economies, the money markets, trade exchange, and the global logistics practices, depleting the previous years' gains and obstructing growth, as well as development.

"This crisis requires a collective global response, and we are fully supporting the efforts of the World Health Organization," said King Salman, adding that Saudi Arabia and other sister countries took the required medical measures to curb the COVID-19 outbreak.

King Salman called the G20 leaders for cooperation to fight against other contagious pandemics moving forward.

"We are hailing other economies' precautionary measures including stimulus packages, business policies, in addition to other preventive measures taken to protect labour," King Salman indicated.

On trade, G20 countries should work on restoring confidence in the global economy and aiding other developing countries to rebuild their economies and upgrade their infrastructures to overcome such a crisis.

G20 finance ministers and central bankers agreed also to develop an "action plan" to respond to the outbreak.

The G20 comprises the 19 biggest national economies in the world, plus the EU. Spain, Jordan, Singapore and Switzerland that will also take part in the meeting, and the UAE will be represented as chair of the Gulf Cooperation Council.

The World Health Organization, the UN, the International Monetary Fund and the World Bank are among the international organizations that will take part, as well as other development organizations.

The Kingdom holds the G20 presidency this year.