Saudi Arabia calls for G20 summit to help inoculate global economy – Arab News

Saudi Arabia calls for G20 summit to help inoculate global economy – Arab News

Saudi Arabia calls for G20 summit to help inoculate global economy /node/1644591/business-economy. LONDON: Governments and central banks are injecting eye-popping sums into markets and applying emergency policy remedies as they try to counter the impact of the coronavirus on the global economy.. The European Central Bank announced late on Wednesday a surprise €750 billion ($820 billion) scheme to buy government and corporate bonds, boosting funds in the system so as to help contain the economic damage from the virus.. Canada on Wednesday announced an aid package of Can$27 billion (US$19 billion) plus more in tax deferrals, and has also cut interest rates.. On Thursday its central bank also cut interest rates to record lows.. 'Pandemic bonds' prove good for investors, less so for nations /node/1645496/business-economy. LONDON: To offset the crushing costs of trying to stem a global epidemic, the World Bank and partners announced the creation of "pandemic bonds" several years ago: The idea was to leverage private capital from Wall Street firms that would help stricken poor countries.. But since the bonds were launched in 2014, backed by about $190 million in promised financing from donor countries, investors have reaped more profits than countries battling epidemics.. The