Finance ministers ready to take action on coronavirus

Finance ministers from around the world are preparing to take action to mitigate the economic impact of the coronavirus pandemic. Here are some key developments:

1. G20 Finance Ministers' Meeting: The G20 finance ministers are set to hold an emergency meeting on March 24 to discuss the economic impact of the pandemic. The meeting will focus on coordinating a global response to the crisis, including measures to stabilize financial markets and support affected economies.
2. IMF and World Bank Support: The International Monetary Fund (IMF) and the World Bank have announced plans to provide financial support to countries affected by the pandemic. The IMF has pledged to provide $50 billion in emergency funding, while the World Bank has committed $14 billion.
3. Monetary Policy Measures: Central banks around the world are taking monetary policy measures to stabilize financial markets and support economic growth. For example, the Federal Reserve has cut interest rates to near zero, while the European Central Bank has launched a massive bond-buying program.
4. Fiscal Stimulus Packages: Governments are also announcing fiscal stimulus packages to support affected industries and households. For example, the US government has passed a $2 trillion stimulus package, while the European Union has agreed on a €500 billion stimulus package.
5. Coordination with Health Authorities: Finance ministers are working closely with health authorities to understand the economic impact of the pandemic and to develop targeted responses. For example, the US Treasury Department has established a task force to coordinate with the Centers for Disease Control and Prevention (CDC) and other health agencies.
6. Support for Small Businesses: Many finance ministers are announcing measures to support small businesses, which are particularly vulnerable to the economic impact of the pandemic. For example, the UK government has announced a £330 billion loan guarantee scheme for small businesses.
7. International Cooperation: Finance ministers are emphasizing the importance of international cooperation in responding to the pandemic. For example, the G20 finance ministers have issued a joint statement calling for global cooperation to address the economic impact of the pandemic.

Some of the key quotes from finance ministers include:

• "We are committed to taking all necessary measures to support our economies and protect our citizens." - US Treasury Secretary Steven Mnuchin
• "The global economy is facing an unprecedented crisis, and we must work together to address it." - European Central Bank President Christine Lagarde
• "We will do everything in our power to support our economies and mitigate the impact of the pandemic." - UK Chancellor of the Exchequer Rishi Sunak

Overall, finance ministers are taking a coordinated approach to address the economic impact of the coronavirus pandemic, with a focus on supporting affected industries and households, stabilizing financial markets, and promoting international cooperation.