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G-7 discusses global economy, debt relief for poor nations

Monday's videoconference was chaired by US Treasury Secretary Steven Mnuchin. (AP)
Monday's videoconference was chaired by US Treasury Secretary Steven Mnuchin. (AP)
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14 Jul 2020 03:07:08 GMT9
14 Jul 2020 03:07:08 GMT9

WASHINGTON: Finance ministers of the Group of Seven major industrial nations at a videoconference on Monday discussed measures to resuscitate the global economy, which has been damaged by the novel coronavirus pandemic.

The G-7 finance ministers “remain in regular contact” and “continue to coordinate on timely and effective actions” in response to the pandemic, the US Treasury Department said in a statement.

They discussed “domestic and international economic responses underway and strategies to achieve a robust recovery across the global economy,” the statement said.

The participants also reaffirmed the full implementation of debt service suspension by all official bilateral creditors for low-income countries and these nations’ adherence to debt data transparency standards, which were agreed on by the Group of 20 advanced and emerging economies in April.

G-20 finance ministers and central bank chiefs are slated to hold talks on Saturday.

Monday’s videoconference was chaired by US Treasury Secretary Steven Mnuchin. The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States. Officials of the European Union also take part in G-7 discussions.
JIJI Press

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