Saudi calls G20 meeting to set course to 'safeguard' the global economy

World leaders will meet online to chart the next steps when they speak next week at the request of the group’s chair

Medical staff push a patient on a gurney to a waiting medical helicopter at the Emile Muller hospital in Mulhouse, eastern France. AFP

An Indian man shows his stamped hand, indicating that the person is under 'home quarantine', in Mumbai, India. EPA

Judie Shape, centre, who has tested positive for the coronavirus, but isn't showing symptoms, presses her hand against her window after a visit through the window and on the phone with her daughter Lori Spencer, left, and her son-in-law Michael Spencer, at the Life Care Center in Kirkland. AP Photo

A single worshipper wearing a surgical mask sits on a pew in Westminster Cathedral in central London. AFP

People confined at their homes sing and dance from their windows to bolster themselves up during a lockdown in Madrid. AFP

A person walks on the deserted Passerelle du Palais de Justice in Lyon, central eastern France as a strict lockdown comes into in effect. AFP

Soldiers stand guard on road leading to a quarantine faciltity for people returning from Iran via the Pakistan-Iran border town of Taftan, in Sukkur in southern Sindh province. AFP

A passenger wearing protective clothing uses a self check-in machine at Incheon international airport, west of Seoul. AFP

Workers cheer themselves after loading travellers onto buses outside the New China International Exhibition Centre, near Beijing Capital Airport in Beijing. AFP

A nurse wearing a facemask walks outside the entrance of Sri Lanka's Infectious Diseases Hospital near Colombo. AFP

People queue for groceries at a supermarket in Singapore. AFP

A medical worker tests a person for the coronavirus at a drive-through facility primarily for first responders and medical personnel in San Antonio. AP Photo

A robot, developed by a start-up firm Asimov Robotics, holds a tray with face masks and sanitiser after the two robots were launched to spread awareness about the coronavirus, in Kochi, India, March 17, 2020. Reuters

Saudi Arabia, the current chair of the G20 group, will convene a virtual meeting of leaders from the world’s largest economies next week to chart a global course forward on containing and battling the novel coronavirus.

The kingdom said that it was seeking to “put forward a co-ordinated set of policies to protect people and safeguard the global economy”.

Leaders will not meet face to face, given the prevailing medical advice calling for social distancing and isolation to stop the spread of coronavirus, known officially as Covid-19.

Dozens of countries including Egypt and Saudi Arabia, and regional blocs such as the EU, have imposed travel bans to stem the spread.

Saudi Arabia has 171 confirmed cases of coronavirus, with no deaths so far and six recoveries. There are 1,122 confirmed cases in GCC countries, 148 recoveries and one death.

Globally, 198,152 cases have been confirmed, with 7,954 deaths and 81,960 recoveries, although the true number is expected to be far higher.

Many countries have not carried out the widespread testing advised by the World Health Organisation.

The Saudi central bank on Saturday said it had prepared a 50 billion riyal (Dh47.7 billion) stimulus package to help small and medium-sized enterprises cope with the economic impact of the shutdowns.

The UAE, too, has announced a Dh100bn financial package to support banks and businesses through the crisis.

Meanwhile, leaders of the G7 group – the seven largest economies in the world – have vowed to “do whatever it takes” to prevent a financial meltdown.

But every sector, from tourism to food to aviation, is affected as the global economy effectively goes into shutdown. Global markets have seen declines not witnessed in decades as investors sell off equities and search for financial safe havens.

Worshippers take photographs of the Kaaba inside Mecca's Grand Mosque a day after Saudi authorities emptied Islam's holiest site for sterilisation over fears of the new coronavirus COVID-19. AFP

An almost empty Kaaba at the Grand Mosque is seen after Saudi authority suspended umrah amid the fear of coronavirus outbreak. Reuters

A view of Kaaba at the Grand Mosque, which is almost empty of worshippers. Reuters

Kaaba at the Grand Mosque is almost empty of worshippers. Reuters

A view of Kaaba at the Grand Mosque, which is almost empty of worshippers. Reuters

The Kaaba, inside Mecca's Grand Mosque, is shown to be empty of worshippers on Thursday in Makkah, Saudi Arabia. AFP

Small groups of pilgrims walk around the Kaaba. AFP

Workers sterilize the ground in front of the Kaaba in Makkah, Saudi Arabia. AP Photo

Municipal workers are seen in empty courtyard the Kaaba. AFP

Few prayed around the Kaaba in Makkah on Thursday. AP Photo

A pilgrim wears a mask as he visits the Grand Mosque in Makkah. AP Photo

A Saudi policeman stands guard in front of the Kaaba. AP Photo

A pilgrim films pigeons outside the Grand Mosque. AP Photo

Indonesian pilgrims, who entered Mecca before visas were halted, wait their bus to leave home in Makkah. AP Photo

Far smaller crowds than usual of Muslim pilgrims circumambulate the Kaaba in Makkah, Saudi Arabia. AP Photo

The white-tiled area surrounding the Kaaba is shown empty of worshippers. AFP

But central banks and finance ministries around the world have been stepping up support, looking to inject cash into markets to stabilise prices and secure jobs.

Despite the wild swings, United States Treasury Secretary Steven Mnuchin has ruled out a temporary closure of stock markets, saying “Americans need to know they have access to their money”.

The US and Britain led a multi-billion-dollar global fightback against economic havoc wreaked by the coronavirus as the European Union shut its borders to travellers from outside for 30 days to stem the pandemic's ferocious spread.

The sweeping measures, never before seen in peacetime, have upended society worldwide and roiled financial markets on fears of a global recession.

Battered US stocks – which President Donald Trump considers a key metric of his success ahead of the November presidential election – closed higher after the stimulus announcement.

Mr Trump said the White House was discussing a “substantial” spending bill with Congress that would include immediate cash payments to Americans.

Officials did not give hard numbers, but The Washington Post reported the amount could reach $850bn (Dh3.1 trillion), with a chunk destined for airlines fearing ruin.

“We're going big,” Mr Trump told reporters.

British Finance Minister Rishi Sunak also unveiled an “unprecedented package” of government-backed loans worth 330 billion pounds (Dh1.45 trillion) for businesses struggling in the sudden economic paralysis caused by mass self-quarantine.

France has pledged a €45bn (Dh181bn) aid package as President Emmanuel Macron likened the outbreak to war and ordered almost the entire population to stay at home for at least two weeks.