G7 finance ministers have pledged to coordinate their response to the economic impact of the coronavirus outbreak. They affirmed their commitment to mitigating the economic fallout and restoring confidence. The group will closely monitor the situation and take further action as needed.
Finance ministers from the Group of Seven (G7) nations have committed to closely coordinate their response to the economic challenges posed by the ongoing coronavirus outbreak. In a joint statement released Friday, the ministers acknowledged the escalating impact of the virus on global economic growth and pledged to work together to mitigate the fallout.
The G7 finance ministers and central bank governors stated they are closely monitoring the evolution of the COVID-19 pandemic and its impact on markets and economic conditions. They emphasized their commitment to using all appropriate policy tools to achieve strong, sustainable economic growth and safeguard against downside risks.
Key areas of focus for the coordinated response include:
- Supporting healthcare systems and research efforts to combat the virus.
- Implementing fiscal measures to provide targeted relief to affected businesses and households.
- Ensuring financial stability and maintaining the flow of credit to the economy.
- Working with international organizations, such as the World Bank and the International Monetary Fund, to provide assistance to vulnerable countries.
The G7 nations reaffirmed their confidence in the resilience of their economies and pledged to take further action, including fiscal measures where appropriate, to support economic activity during this period of uncertainty. They also committed to maintaining open communication and collaboration to ensure a coordinated and effective global response.
The ministers will continue to monitor the situation closely and stand ready to take further action as needed to address the economic challenges posed by the coronavirus outbreak.