News:A virtual G20 Summit was held under the presidency of Saudi Arabia.
- Saudi Arabia is the first Arab nation to hold the G20 presidency.
- Theme- “Realising Opportunities of the 21st Century for All”.
- 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.
- 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.