Finance chiefs from the Group of 20 major economies said Sunday that the global economy is expected to "contract sharply" this year from the coronavirus pandemic and pledged to do whatever they can to minimize the risks.

"We are determined to continue to use all available policy tools to safeguard people's lives, jobs and incomes, support global economic recovery, and enhance the resilience of the financial system," although the economic outlook "remains highly uncertain," they said in a statement issued after a videoconference.

As for the G20's debt relief program to help curb the spread of the virus, the finance ministers and central bank governors said an estimated $5.3 billion has been requested to be deferred as of Saturday by 42 developing countries.