G7 Finance Ministers Discussed The Economic Effects Of Covid-19

G7 Finance Ministers Discussed The Economic Effects Of Covid-19

G7 finance ministers discussed developments to combat the economic effects of the new type of coronavirus (Covid-19) outbreak. In a statement made by the US Treasury Department, Treasury Secretary Steven Mnuchin reportedly met with his counterparts from Canada, France, Germany, Italy, Japan and the UK, and officials from the European Commission, Eurogroup, International Monetary Fund (IMF) and the World Bank. In the statement, which pointed out that the G7 finance ministers are in regular communication, it was stated that they continue to coordinate to take timely and effective steps against the Covid-19 outbreak. It was noted that the finance ministers discussed local and international economic interventions, and the improvements in the G7 economies were emphasized. In the statement that the global debt problem was on the agenda, the call for the full implementation of the G20 Debt Service Suspension Initiative by all official bilateral creditors was reiterated. It was stated that the finance ministers also agreed on debt transparency, and that additional options for low-income countries such as extending the debt deferral initiative to 2021 were also considered. In the statement, which also stated that the country's problems, including support to the Lebanese people, were discussed, "Finance ministers emphasized the importance of providing support for the production and distribution of Covid-19 vaccines and treatments, especially in relation to low-income countries." expression was used.