Riyadh, Sep 28 (IANS) The 2020 G20 Leaders Summit will be held virtually on November 21–22 and will be chaired by Saudi Arabia's King Salman bin Abdulaziz Al Saud, the G20 presidency said in a statement on Monday.

"The G20 presidency will build on the success of the extraordinary virtual G20 Leaders' Summit held in March, and on the outcomes of over 100 virtual working groups and ministerial meetings," Arab News quoted the statement carried by the Saudi Press Agency (SPA) as saying.

"The G20 is leading the fight against this global pandemic, taking swift and unprecedented actions to protect lives, livelihoods and the most vulnerable," it added.

The G20 has contributed over $21 billion to support the production, distribution, and access to diagnostics, therapeutics, and vaccines.

It has also injected $11 trillion to safeguard the global economy.

The group has further launched a debt suspension initiative for the least developed countries that would allow beneficiary countries to defer $14 billion in debt payments due this year and use these amounts instead for financing their health systems and social programs.

"The upcoming G20 Leaders' Summit will focus on protecting lives and restoring growth, by addressing vulnerabilities uncovered during the pandemic and by laying down the foundations for a better future," said the statement.

"The Summit will also focus on fostering international action to realize opportunities of the 21st century for all, by empowering people and protecting our planet, whilst harnessing the potential of innovation to shape new frontiers."