“Countries urgently need to work together to slow the spread of the virus and to develop a vaccine and therapies to counter the disease,” the report said. “Until such medical interventions become available, no country is safe from the pandemic (including a recurrence after the initial wave subsides) as long as transmission occurs elsewhere.”
Also Tuesday, finance ministers and central bank governors representing G-7 nations met virtually and “reiterated their pledge to do whatever is necessary to restore economic growth and protect jobs, businesses and the resilience of the financial system,” according to a summary of the meeting released by the Treasury Department.
The officials discussed the need to assist emerging and developing countries during the crisis, calling for more contributions to various IMF relief funds.
The ministers also agreed to provide a temporary suspension on debt service payments on bilateral financing provided to poorer countries as long as the broader G-20 agrees to a similar measure.
“Ministers and governors recognize that an extraordinary and well-coordinated international response is critical to reducing the depth of the crisis,” the summary said.
