WATCH: Trudeau hosts UN video conference for global coronavirus recovery plan

Canada is currently competing for one of two non-permanent seats on the UN Security Council next month, running on a platform of hoping to help reconstruct the post-pandemic world. The seat they are competing for is also being sought after by Norway and Ireland.

The UN estimates that without a co-ordinated recovery plan, the world could face an economic hit of almost US $ 8.5 trillion dollars over the next two years, sending 34.3 million people into extreme poverty in 2020 alone and another 130 million people over the next 10 years.

The four-hour virtual conference will be co-hosted by UN Secretary-General Antonio Guterres and Jamaican Prime Minister Andrew Holness and Prime Minister Trudeau.

Germany Chancellor Angela Merkel and France's President Emmanuel Macron, representatives of the World Bank, the International Monetary Fund and the private sector will be among the various attendees, including 50 heads of state.

The UN says the coming economic strain will be faced by all countries but in particular, developing countries which already have “debt distress” will be hurt the most.

“We are in an unprecedented human crisis because of a microscopic virus,” said Guterres in a press release. “We need to respond with unity and solidarity and key aspect of solidarity is financial support.”

Trudeau said that, “the best way to help our people and economies rebound is to work together as a global community.”

“We want to support collective and individual actions to enable a recovery that leads to more inclusive, sustainable and resilient economies, where no one is left behind.”

Trudeau said that it is in Canada's own best interest to ensure that the poorer countries survive this crisis and that will be one of his roles at the conference.

“Canadian jobs and businesses depend on stable and productive economies in other countries, so it matters to us how everyone weathers this storm,” said Trudeau on Tuesday.

There will be “six urgent areas of action” to be addressed at the conference in order to mobilize the financing necessary for a global-wide recovery. The following ares are"

1. Expanding liquidity in the global economy and maintaining financial stability.
2. Addressing debt vulnerability for developing countries “to save lives and livelihoods for billions of people around the world.”
3. Involving private sector creditors in recovery plans
4. Enhancing external financing for inclusive growth and job creation.
5. Preventing illicit off-shore financial holdings and money laundering that siphon off trillions of dollars needed for rebuilding economies.
6. Aligning recovery policies with sustainable development goals.

The conference will discuss each of the six areas, with an optimum goal to create concrete proposals by mid-July.

“There is no time to lose,” read the UN press statement. “Solutions cannot wait and decisive action is required.”