G-7 Ministers Agree to Aid Low-Income Nations amid Virus Crisis

Economy

Tokyo, June 3 (Jiji Press)--Finance ministers of the Group of Seven key industrial countries in a regular teleconference on Wednesday affirmed their cooperation in supporting low-income nations with weak financial bases to help them deal better with the ongoing novel coronavirus pandemic.

The pandemic "has exacerbated existing debt vulnerabilities in many low-income countries, highlighting the importance of debt sustainability and transparency to long-term financing for development," the ministers said in a joint statement issued after the teleconference.

"We continue to work together to advance the international economic response" to the epidemic, "with a focus on the poorest and most vulnerable countries," and "remain committed to assisting low-income countries" in their fight against the crisis, the ministers said.

They also pledged to keep working closely with member economies of the Group of 20 framework, the Paris Club of creditor nations, the International Monetary Fund, the World Bank and others "to secure debt sustainability and transparency, including promoting timely creditor coordination and fair burden sharing."

The G-7 teleconference took place at a time when the international community faces the need to fully support developing nations with poor medical systems and fragile financial foundations in order to prevent any further spread of the epidemic.

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