This photo of a television screen taken on March 26, 2020 shows leaders from G20 nations taking part in a video conference of an extraordinary meeting of G20 leaders. (PALAZZO CHIGI PRESS OFFICE / AFP)

RIYADH - The G20 leaders summit will be held virtually during Nov 21-22, Saudi Arabia said on Monday, as the COVID-19 pandemic thwarted Riyadh's hopes of hosting the gathering in the kingdom to boost its international standing.

The summit will be chaired by Saudi King Salman bin Abdulaziz Al Saud, the Saudi G20 presidency said in a statement.

The summit will focus on protecting lives and restoring growth by addressing vulnerabilities uncovered during the pandemic and by laying down foundations for a better future, according to a statement by the Saudi G20 presidency

According to the statement, the Saudi 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."

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Under the theme of "Realizing Opportunities of the 21st Century for All", the summit will focus on protecting lives and restoring growth by addressing vulnerabilities uncovered during the pandemic and by laying down foundations for a better future, according to the statement.

Saudi leaders had hailed the kingdom's G20 presidency as proof of its leading role in the global economy, but the majority of the meetings have been held virtually due the novel coronavirus.

G20, the world's premier platform for international economic cooperation, is leading the fight against the global COVID-19 pandemic. 

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

It has also injected US$11 trillion to safeguard the global economy and launched a debt suspension initiative for least developed countries allowing them to defer US$14 billion in debt payments due this year.