LONDON: G20 finance ministers and central bank governors met virtually on Tuesday to coordinate their efforts in response to the COVID-19 pandemic.

They agreed on a roadmap to implement commitments made at an earlier leader’s summit last week under the Saudi G20 presidency.

These included delivering a joint G20 Action Plan which will outline the individual and collective actions that the world’s most powerful economies  have taken and will be taking to respond to the pandemic. It will also address the risk of debt vulnerabilities in low-income countries, allowing them to focus their efforts on fighting the virus.

“The G20 Finance Ministers and Central Bank Governors also discussed the role of the IMF, the World Bank Group and other International Financial Institutions to deploy all available resources and explore additional measures needed to support emerging markets and developing economies amid the COVID-19 pandemic, including by supporting financial stability and alleviating liquidity constraints,” the G20 said.

The World Bank has said it is ready to deploy as much as $160 billion over the next 15 months to support its member countries to respond to the pandemic.

The G20 ministers and central bank governors tasked relevant working groups to deliver on the roadmap by their next virtual meeting on April 15.