Saudi Arabia calls for G20 summit to help inoculate global economy

Saudi Arabia calls for G20 summit to help inoculate global 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.. The eurozone bank is reviving crisis-era measures to encourage bank lending to companies, but caused some disquiet last week by keeping its borrowing rates on hold.. The Bank of England cut Thursday its main interest rate to a record-low 0.1 percent from 0.25 percent, only eight days after having chopped the interest rate from 0.50 percent.. Britain is providing £330 billion of government-backed loans to businesses, while France will guarantee €300 billion in loans to firms and has announced a separate aid package worth 45 billion euros to help businesses and employees cope.. On Thursday the Federal Reserve unveiled measures to help money market mutual funds, a popular investment tool, which has seen huge demand to exit as households and small businesses scramble for cash.. Canada on Wednesday announced an aid package of