Virtual G20 Leaders Summit

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News:A virtual G20 Summit was held under the presidency of Saudi Arabia.

Facts:

G20 Summit,2020:

  • Saudi Arabia is the first Arab nation to hold the G20 presidency.
  • Theme- “Realising Opportunities of the 21st Century for All”.

G20:

  • It is an informal group of 19 countries and the European Union with representatives of the International Monetary Fund and the World Bank.
  • It was initially founded in 1999 after the Asian financial crisis.However after the 2008 Financial Crisis, the meeting has been held annually since 2010.

Additional Facts:

  • G7: It is an organisation made up of seven countries namely Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
  • G4: It consists of four countries namely Brazil, Germany, India, and Japan which support each other’s bids for permanent seats on the United Nations Security Council.
  • G77: It is a coalition of 134 developing countries designed to promote its members’ collective economic interests and create an enhanced joint negotiating capacity in the United Nations.