Trudeau cohosts UN summit to develop global pandemic recovery plan

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Ottawa, May 28 (Canadian-Media): Canada's Prime Minister Justin Trudeau is cohosting May 28 the four-hour virtual conference with UN Secretary General Antonio Guterres and Jamaican Prime Minister Andrew Holness with an aim to develop a co-ordinated global response to mitigate the devastating social and economic impacts of the COVID-19 pandemic, media reports said.

Justin Trudeau. Image credit: Facebook page

UN estimates that by uniting nations co-ordinate a recovery plan, could prevent slashing of approximately $8.5 trillion US from the world economy over the next two years, as well as save  34.3 million people from extreme poverty this year and potentially 130 million more over the course of the decade.

The meeting is being participated by more than 50 heads of state and government, including Germany's Angela Merkel and France's Emmanuel Macron, along with representatives of the World Bank, the International Monetary Fund and the private sector.

All countries are faced by economic strain because of the pandemic, particularly developing countries were were already in debt before the crisis and can't afford to undertake fiscal stimulus measures, said UN in a release about the event.

"We are in an unprecedented human crisis because of a microscopic virus," Guterres said in the release. "We need to respond with unity and solidarity and key aspect of solidarity is financial support."

Trudeau said that working together as a global community is the best possible solution  leads to more inclusive, sustainable and resilient economies, where no one is left behind.

Trudeau added that Canadian jobs and businesses are dependent on stable and productive economies in other countries.

The conference addresses six urgent areas of action to mobilize the financial  needs for a global recovery including expanding liquidity in the global economy and maintaining financial stability; addressing debt vulnerability for developing countries; involvement of private sector creditors in recovery plans; enhancement of  external financing for inclusive growth and job creation; preventing illicit off-shore financial holdings and money laundering; and aligning recovery policies with sustainable development goals.

With the goal of providing concrete proposals by mid-July, the conference aims to create a discussion group in each of the six areas, .

"There is no time to lose," the UN release said. "Solutions cannot wait and decisive action is required."​