TOKYO: Finance ministers of the Group of Seven major countries Friday expressed their support for an extension of a freeze on debt repayments for developing nations with fragile medical and fiscal systems.
In a teleconference, the officials of Britain, Canada, France, Germany, Italy, Japan and the United States discussed measures to revive the world economy hurt by the novel coronavirus pandemic.
They adopted a joint statement that showed their support for the extension of the international debt relief program, currently set to expire at year-end.
The statement also said that the Group of 20 finance ministers and central bank heads will also establish a framework for debt restructuring for developing countries at their meeting in October.
The G-7 finance ministers hold a teleconference on measures to address the COVID-19 crisis regularly. From Japan, Finance Minister Taro Aso attended Friday’s session.
“I told my G-7 counterparts that it is essential to ensure that burdens are shared fairly by all creditors including China,” Aso told reporters after the session.