Finance ministers and central bank governors from the Group of 20(G20) major economies agreed to develop an action plan in response to the COVID-19 pandemic.

Reuters reported on Monday that the participants of the emergency video conference also agreed to closely monitor the pandemic's impact on global markets and economic conditions.

A statement issued following the meeting said a virtual summit of G20 leaders would convene "in a few days," without mentioning a specific date.

During the meeting, South Korean Finance Minister Hong Nam-ki stressed that the action plan should reflect international coordination on macroeconomic policies, easing the movement ban of people and goods and bolstering the global financial safety net.

Hong also called for member nations to share quarantine experience and to closely coordinate policies to jointly overcome the COVID-19 crisis.