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Australian Treasurer calls for global economic "controlled hibernation"

Apr 01, 2020

Canberra (Australia) April 01: Australia's Treasurer has called for his counterparts from around the world to put the global economy into a "controlled hibernation" during the COVID-19 pandemic.
Josh Frydenberg on Tuesday night joined a virtual meeting of Group of 20 (G20) finance ministers and central bank governors.
The leaders addressed the economic challenges posed by the unfolding coronavirus crisis, especially to low-income countries.
In a statement Frydenberg said that world leaders must take decisive and coordinated action to "minimize the permanent human and economic damage."
"First, our priority should be putting the global economy into controlled hibernation while quarantine measures are in place," he said, according to the Australian Broadcasting Corporation.
"That is -- finance the global health response, maintain financial stability, minimise job losses, keep businesses going, and ensure the basic needs of the global population are met," he added.
"This includes committing to a G20 fiscal support target, to encourage all economies to act urgently, and send a clear signal to citizens that the G20 is doing whatever it takes."
Frydenberg and Australian Prime Minister Scott Morrison on Monday announced their plan for economic hibernation via a 130-billion-Australian-dollar (79.7-billion-U.S.-dollar) wage subsidy package to keep as many Australians in jobs as possible.
As of Tuesday night more than 190,000 businesses had signed up for the scheme, under which employees who have had their work status affected will receive 1500 Australian dollar (920.5 U.S. dollar) per fortnight, through the Australian Taxation Office.
Source: Xinhua