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BUENOS AIRES, March 23 (Reuters) - Argentina’s economy minister told G20 leaders on Monday they must act decisively to “avoid a social meltdown” as the coronavirus outbreak spreads, encouraging advanced nations to extend swaplines in a bid to ensure global liquidity.
Martin Guzman, who spoke to fellow leaders on a G20 call regarding the epidemic, said in a statement countries should use the “entire toolkit” of economic policies, including the extension of bilateral swaps to aid those nations most in need.
“It is of utmost importance that we deepen global coordination and cooperation efforts as much as possible in order to preserve global social stability,” Guzman said in the remarks.
The minister also called for domestic measures ranging from cash transfers to subsidies for affected sectors and extending unemployment insurance, according to a statement of his comments.
The coronavirus outbreak catches Argentina, a top global grains producer, in crisis as it scrambles to sort a plan to repay its debts to the International Monetary Fund and battles ballooning inflation and poverty at home. (Reporting by Hugh Bronstein, writing by Dave Sherwood Editing by Chizu Nomiyama and Nick Zieminski)