G-20 leaders pledge fair distribution of coronavirus vaccine

RIYADH — G-20 leaders said on Sunday they will "spare no effort" to ensure the fair distribution of coronavirus vaccines worldwide, and support poor countries whose economies have been ravaged by the crisis.

As the pandemic rages, the cartel of the world's richest countries adopted a unified tone on the challenges ahead during a virtual summit hosted by Saudi Arabia.

Saudi Arabia's King Salman Bin Abdulaziz said that the "spirit of cooperation" was needed now "more than ever to face the impact of the pandemic and create a prosperous future for the people of the whole world".

But after a weekend of "digital diplomacy", their closing communique lacked details on many of the issues dominating the talks.

"We have mobilised resources to address the immediate financing needs in global health to support the research, development, manufacturing and distribution of safe and effective COVID-19 diagnostics, therapeutics and vaccines," they said in the statement.

"We will spare no effort to ensure their affordable and equitable access for all people."

While richer nations plan their vaccination programmes, with the US expecting to launch in early December, experts warn that developing countries face hurdles that could deny billions the first proven protection against the virus.

Calls are mounting for the G-20 to help plug a $4.5-billion funding gap in the so-called ACT-Accelerator, a mechanism led by the World Health Organisation that aims to ensure access to tests, treatments and vaccines for all.

In a comment echoed by other leaders, French President Emmanuel Macron said on Saturday that the coronavirus crisis was "a test for the G-20", stressing there "will be no effective response to the pandemic unless it is a global response".

However, the final communique did not spell out how the massive cost of the exercise would be underwritten.

In the communique though, the group adopted a consensus position on climate change, reiterating support for tackling "pressing" environmental challenges.

But the group faces mounting pressure to help stave off possible credit defaults among developing nations, as their debt soars amid the economic catastrophe stoked by the virus.

It has extended a debt service suspension initiative (DSSI) for developing countries until June next year, but UN Secretary-General Antonio Guterres has led calls for a commitment to extend it until the end of 2021.

The communique did not offer a firm guarantee to this request.

Instead, G-20 finance ministers will examine the recommendation when the International Monetary Fund and World Bank meet next spring "if the economic and financial situation requires" an extension by another six months, they said.

With the world in disarray after months of border closures and lockdowns, the group also struck a unified tone on trade, saying that supporting a multilateral system "is now as important as ever".

"We strive to realise the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," the communique said.