He believes that the specific measures identified on the basis of the G20 leaders’ meeting to resist the crisis inspire optimism.
"Originally, the summit was expected to produce some general statements and opinions it is necessary to pool efforts to resist the coronavirus. It turned otherwise. Concrete measures to resist this threat were discussed and agreed on," he said.
"There had been much skepticism, because it was widely believed that many of the forum’s participating countries are so much focused on their own problems, that global turmoil is of secondary importance to them," Belyayev said. "The most important concrete proposal, included in the final communique of the summit, was the one for instructing the finance ministers to shape a common consolidated policy and on that basis to create a specific set of tools to address the problem of the epidemic on the global scale." This should be achieved by joint, concerted efforts.
Belyayev stressed that the World Health Organization would be granted extra powers, which considerably expand its capabilities and make it more effective.
"Another significant decision made at the summit was the recognition of the need to create ‘green corridors’ for the unhampered delivery of medicines, medical equipment, foods and other essentials that might ease the adverse effects of the pandemic and prevent its spread around the globe," Belyayev said. "The G20 countries are determined to do their utmost to overcome the effects of the pandemic. It is essential to prevent it from developing into a world crisis, but just remain a negative background, while the world economy will continue to develop."
Root causes of the crisis
Belyayev sees the root causes of the current crisis in the medical field.
"As a matter of fact, it can be called economic, but its roots are in the sphere of medicine. In particular, it is essential to cope with the problem of preventing the coronavirus from spreading around the world. Once this problem has been resolved, then it will be possible to speak about the effectiveness of the economic measures," he concluded.
The leaders of the G20 group during their virtual summit on March 26 came out for enhancing the role of the World Health Organization against the backdrop of the coronavirus pandemic and promised to take collective measures to support the world economy. The G20 countries agreed to disburse funds for the struggle against the coronavirus and urged all other countries and international organizations to follow suit. The G20 finance ministers and chief bankers should draft an action plan to overcome the consequences of the coronavirus pandemic. The G20 also asked the World Health Organization, the IMF and the World Bank to help the developing countries cope with the coronavirus effects.