G7 leaders pledge to ensure financial stability

Mubasher: The financial leaders of the Group of Seven countries pledged, today, Saturday, to take appropriate measures to ensure financial stability, stressing that the financial system remains flexible.

The G7 finance ministers and central bank governors said – in a joint statement after their three-day meeting in “Nigata” northwest of Tokyo – that they will continue to monitor developments in the financial sector, indicating that they will aim to launch efforts to build strong supply chains with developing countries by the end of this year. , with China in mind, according to Middle East News Agency.

Concern clouded the meeting after the failure of three US regional banks and the possibility of a US default amid a political crisis over raising its debt ceiling.

The joint statement stated: “We will continue to work closely with the supervisory and regulatory authorities to monitor developments in the financial sector and prepare to take appropriate measures to maintain financial stability and resilience of the global financial system.”

Summit leaders reiterated their unwavering support for Ukraine and pledged to counter any attempts by Russia to circumvent sanctions imposed over its military operation.

The G7 took the view that the global economy remains “resilient” despite multiple shocks from the coronavirus pandemic, Russia’s military operation in Ukraine, and rising inflation.

It is also scheduled to hold a joint meeting with the health ministers of the Group of Seven countries in “Nagasaki” in southwestern Japan today; With the aim of building a financing mechanism to better respond to and prepare for epidemics.

The Group of 7 includes Britain, Canada, France, Germany, Italy, Japan and the United States, in addition to the European Union.

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