TOKYO: The finance ministers and central bank chiefs of the Group of 20 major economies said Wednesday they will use "all available policy tools" to protect the global economy from the impact of the coronavirus pandemic.

"We commit to use all available policy tools to support the global economy, boost confidence, maintain financial stability and prevent deep and prolonged economic effects," the G-20 officials said in a joint statement issued after a videoconference call.

The statement said, "We are determined to spare no effort, both individually and collectively, to protect lives, bring the pandemic under control, safeguard people's jobs and incomes, support the global economy during and after this phase and ensure the resilience of the financial system."

During the conference call, Japanese Finance Minister Taro Aso briefed his G-20 counterparts about the 108-trillion-yen stimulus package Tokyo adopted earlier this month, a senior ministry official said.

The G-20 officials endorsed an action plan calling for international economic cooperation to navigate the COVID-19 crisis. The action plan said, "We commit to providing substantial support to businesses, especially small-medium sized enterprises, and households most affected by this crisis."

The countries expressed support for "a time-bound suspension of debt service payments for the poorest countries" to help them focus on the fight against the coronavirus, the statement said.

Aso expressed Japan's readiness to provide developing countries with debt relief in line with the G-20 agreement, according to the ministry official.

JIJI Press