G20 commits to take action to prevent global slowdown amid coronavirus outbreak – The National

  • Date: 07-Mar-2020
  • Source: The National
  • Sector:Financial Markets
  • Country:UAE
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G20 commits to take action to prevent global slowdown amid coronavirus outbreak – The National

G20 commits to take action to prevent global slowdown amid coronavirus outbreak. Ratings agency Moody's revised its G20 economic growth forecasts as the virus spreads to more than 70 c ountries. Financial policymakers from the world's 20 largest economies pledged "to take further actions" to support the global economy amid fears the coronavirus outbreak is hampering growth.. The Group of 20 finance ministers and central bank governors said it was ready to roll out fiscal and monetary measures to bolster the response to the virus, as ratings agency Moody's Investors Service revised its growth forecasts for all G20 economies amid the health crisis.. "We are ready to take further actions, including fiscal and monetary measures, as appropriate, to aid in the response to the virus, support the economy during this phase and maintain the resilience of the financial system," the G20 said in a joint statement in Riyadh on Saturday.. Earlier this month the IMF allocated $50 billion (Dh183.6bn) in emergency funding to poor and middle-income countries while the World Bank set up an initial fund of $12bn to help member-countries cope.. The Federal Reserve issued an emergency rate cut to calm investors while oil prices