TOKYO: The Group of Seven finance ministers and central bank chiefs said Tuesday they will support the development of treatments and vaccines for the novel coronavirus.

"We recognize the urgent need to increase support for the rapid development, manufacture, and distribution of diagnostics, therapeutics, and a vaccine for COVID-19," the G-7 officials said in a statement, referring to the disease caused by the virus.

The officials said the G-7 countries will work with international financial institutions to respond to economic challenges posed by the virus.

"As a near-term measure, we stand ready to contribute further resources to multilateral efforts aimed at helping the most vulnerable and least developed countries," the statement said.

The seven countries will provide funding to treat coronavirus patients and promote efforts to prevent a further spread of the virus, Japanese Finance Minister Taro Aso told reporters after a conference call with his G-7 counterparts.

In the statement, the G-7 officials pledged to "do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system."

The G-7 central banks "stand ready to take further action" to support economic and financial stability, the statement said.

Referring to falling oil prices, the G-7 officials called on oil-producing countries to "support international efforts to promote global economic stability," according to the statement.

JIJI Press