G-7 Agrees to Study Further Economic Steps amid Pandemic

Economy

Tokyo, April 14 (Jiji Press)--Top finance and monetary officials of the Group of Seven major industrial nations agreed Tuesday to "consider further near-term actions" to stabilize the world economy amid the global coronavirus crisis.

At a videoconference, the finance ministers and central bank chiefs of the seven nations--Britain, Canada, France, Germany, Italy, Japan and the United States--plus officials of the European Union also confirmed plans to provide developing nations affected by the coronavirus pandemic with financial aid, such as stepped-up loans through the International Monetary Fund and a debt moratorium.

"The scale of this health crisis is generating unprecedented challenges for the global economy," a chair's summary adopted at the virtual meeting said. The G-7 officials recognized that "an extraordinary and well-coordinated international response is critical to reducing the depth of the crisis," it said.

"There is a large-scale need for resources and technical assistance" as countries around the world strive to enhance their health systems and mitigate the economic fallout, the document said, apparently referring to developing nations.

The G-7 officials reiterated their pledge to "do whatever is necessary" to restore economic growth and protect jobs, businesses and the resilience of the financial system.

[Copyright The Jiji Press, Ltd.]

Jiji Press