"We have mobilized resources to address the immediate financing needs in global health to support the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccines. We will spare no effort to ensure their affordable and equitable access for all people, consistent with members’ commitments to incentivize innovation," the communique said.
In the final statement, the G20 also said that members support all collaborative global efforts, including COVID-19 Tools Accelerator (ACT-A) and the COVID-19 Vaccine Global Access Facility (COVAX).
On Strengthening the WHO
"We emphasize the important mandates of the United Nations’ system and agencies, primarily the WHO, while considering the ongoing evaluations, its stated commitment to transparency, and the need to strengthen its overall effectiveness, in coordinating and supporting the global response to the pandemic," the declaration read.
The document, adopted by world leaders after two days of virtual talks, took note of the "assessments of gaps in pandemic preparedness" undertaken by international organizations.
"We look forward to the work of the Independent Panel for Pandemic Preparedness and Response and the IHR Review Committee on evaluating the global health response to the pandemic as outlined in the World Health Assembly (WHA) Resolution on COVID-19," it added.
On IMF Role in Fighting Economic Crisis
The G20 countries also called on the International Monetary Fund (IMF) to explore "additional tools" to assist its member states amid the evolving global economic crisis.
"We call on the IMF to continue exploring additional tools that could serve its members’ needs as the crisis evolves, drawing on relevant experiences from previous crises. We also support the IMF’s enhanced assistance to help address particular challenges faced by small developing states," the communique said.
G20 also urged the IMF to prepare an "analysis of the external financing needs" of the least developed countries in the next few years and "sustainable financing options."
G20 leaders vowed to stand by the most vulnerable nations as they deal with various aspects of the coronavirus pandemic, in a joint declaration adopted at the Riyadh summit.
"We remain determined to support all developing and least developed countries as they face the intertwined health, economic, and social effects of COVID-19, recognizing the specific challenges in Africa and small island developing states," the statement read.
The leaders said they would use all available policy tools to safeguard people’s lives, jobs and incomes, support the global economic recovery, and enhance the resilience of the financial system.
The global economy contracted sharply earlier this year after many countries went into lockdowns to limit the spread of the virus. Economic activity picked up after reopening began but it has been uneven. The leaders stressed that the spread of the virus needed to be brought under control to support global economic recovery.
On Debt Suspension Initiative
The G20 leaders said on Sunday that they are committed to ensuring that global transportation routes and supply chains will remain open amid coronavirus restrictions around the world, according to a final statement adopted after a two-day G20 summit.
"We commit to ensuring that global transportation routes and supply chains remain open, safe, and secure, and that any restrictive measures related to COVID-19, including for air and sea crews, are targeted, proportionate, transparent, temporary, and in accordance with obligations under international agreements," the communique said.
According to the statement, G20 will keep exploring ways to facilitate the movement of people in a way that will not undermine efforts to protect public health amid the COVID-19 pandemic.
On Global Transportation Routes and Supply Chains
The G20 leaders said on Sunday that they are committed to ensuring that global transportation routes and supply chains will remain open amid coronavirus restrictions around the world, according to a final statement adopted after a two-day G20 summit.
"We commit to ensuring that global transportation routes and supply chains remain open, safe, and secure, and that any restrictive measures related to COVID-19, including for air and sea crews, are targeted, proportionate, transparent, temporary, and in accordance with obligations under international agreements," the communique said.
According to the statement, G20 will keep exploring ways to facilitate the movement of people in a way that will not undermine efforts to protect public health amid the COVID-19 pandemic.
On WTO Reform
The G20 countries acknowledge ongoing political support for a necessary reform of the World Trade Organization, the communique adopted after the two-day G20 summit said on Sunday.
"We recognize the contribution that the Riyadh Initiative on the Future of the World Trade Organization (WTO) has made by providing an additional opportunity to discuss and reaffirm the objectives and foundational principles of the multilateral trading system as well as to demonstrate our ongoing political support for the necessary reform of the WTO," the leaders' declaration said.
On Regulatory Guidance For 'Stablecoin' Cryptocurrencies
G20 leaders agreed in their final statement following a two-day virtual summit that appropriate standards should be set for so-called "stablecoins," a type of cryptocurrency that seeks to peg their market value to an external reference point to smooth out price fluctuations.
"No so-called ‘global stablecoins’ should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed through appropriate design and by adhering to applicable standards," the statement read.
World leaders welcomed the reports on stablecoins and similar arrangements submitted by the G20-mandated Financial Stability Board, the Financial Action Task Force (FATF) and the IMF.
"We look forward to the standard-setting bodies engaging in the review of existing standards in light of these reports and making adjustments as needed. We look forward to the IMF’s further work on macro-financial implications of digital currencies and socalled ‘global stablecoins," they added.
A 'Message of Hope'
The final G20 declaration adopted following this year's summit is a "message of hope" to people around the world amid the challenging year in light of the global COVID-19 pandemic, Saudi King Salman bin Abdulaziz Al Saud on Sunday in his closing remarks.
"Most importantly, we have succeeded in sending out a message of hope and reassurance to our citizens and all people around the world through the Final Communique of this Leaders’ Summit. And it is my honor to announce that the G20 members have adopted this communique. This is what the world has been expecting from us. This achievement today is a culmination of our joint efforts throughout this challenge-fraught year," the monarch said.
