Covid-19

G-7 promises to be actively involved in the fight against coronavirus

Summary

Joe Biden promises free Covid-19 vaccine for everyone under plan to fight virus | US Elections 2020 Description video: Democratic presidential nominee Joe Biden annouced his plan to combat the coronavirus pandemic if he wins office.\n\nJoe Biden promised that once […]

Joe Biden promises free Covid-19 vaccine for everyone under plan to fight virus | US Elections 2020

Description video:
Democratic presidential nominee Joe Biden annouced his plan to combat the coronavirus pandemic if he wins office.\n\nJoe Biden promised that once a vaccine is available, it \”must be free and freely available to everyone.\”\n\nNearly 80,000 new Covid-19 infections over the course of a day were reported, according to figures from Johns Hopkins University, with 79,963 infections recorded between 8.30 pm Thursday and the same time Friday.\n\nThe pandemic has killed more than 224,000 and nearly 8.5 million cases have been recorded in the US.  It has also cost millions more their jobs and has become the dominant issue of the presidential campaign, with Mr Trump on the defensive over his administration’s handling of the crisis.\n\nMr Trump told supporters in Florida that the pandemic would end soon and accused Democratic rival Joe Biden of overstating the health crisis to scare Americans into voting for him.\n\nMr Biden earlier in the day said Mr Trump had given up on containing the virus and promised if he wins the November 3 election he will ask Congress to pass a comprehensive Covid-19 bill that he would sign within the first 10 days of taking office.\n\nSubscribe to The Telegraph on YouTube ► https://bit.ly/3idrdLH\n\nGet the latest headlines: https://www.telegraph.co.uk/\n\nTelegraph.co.uk and YouTube.com/TelegraphTV are websites of The Telegraph, the UK’s best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture.

G-7 promises to be actively involved in the fight against coronavirus

Representatives of the G7 countries promised to start a joint fight against coronavirus, but did not voice any specific actions.

«Given the potential impact of COVID-19 on the global economy, we reaffirm our commitment to use all appropriate policy instruments to ensure sustainable growth and protect against risks», – said in a statement G-7.

US Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell held conference call with Treasury Ministers and Central Bank Governors from each country «sevens».

Markets expect coordinated action from the authorities. In the US, traders expect aggressive rate cuts from the Fed.

There were no specific proposals in the G-7 statement and stock market futures fell after its release.

«Along with strengthening measures to expand the scope of medical services, the finance ministers of the G7 countries are ready to do everything possible to combat the virus and support the economy at this stage. G7 regulators will continue to fulfill their role, thereby supporting price stability and economic growth while maintaining the stability of the financial system», – said in a statement.

It also states that the IMF and the World Bank are committed to using the tools at their disposal to the fullest extent possible. IMF offered «emergency funding, policy advice and technical assistance» for affected countries.

Markets remain affected by coronavirus panic. The Dow Jones Industrial Average fell 12% last week. However, blue-chip numbers yesterday posted their strongest one-day gains on record, as well as their biggest percentage jump since 2009..

According to Johns Hopkins tracking, there are 91,320 confirmed cases of the COVID-19 strain worldwide, leading to 3,118 deaths. 105 cases and 6 deaths reported in the US.

G-7 promises to be actively involved in the fight against coronavirus

In addition to the US and Japan, the G-7 countries are Canada, UK, France, Germany and Italy..