WASHINGTON, March 24 (Xinhua) -- Finance ministers and central bank governors of Group of Seven (G7) industrialized nations said Tuesday they were working to restore confidence and economic growth amid the fallout of COVID-19.
"Consistent with the direction from G7 Leaders, we are taking action and enhancing coordination on our dynamic domestic and international policy efforts to respond to the global health, economic, and financial impacts associated with the spread of the coronavirus disease 2019 (COVID-19)," according to a statement from the finance leaders, released by the U.S. Treasury Department.
"We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system," they said, also pledging to "promote global trade and investment to underpin prosperity."
The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States.
The finance ministers and central bank governors said they recognize the urgent need to increase support for the rapid development, manufacture, and distribution of diagnostics, therapeutics, and a vaccine for COVID-19.
"We are providing bilateral and multilateral assistance to strengthen foreign governments' prevention efforts and their health and emergency response systems," they said.
On fiscal effort, G7 finance ministries are undertaking liquidity support and fiscal expansion to mitigate the negative economic impacts associated with the spread of COVID-19, the statement read.
On the monetary front, G7 central banks have pledged to maintain expansionary policies for "as long as needed" and stand ready to take further action, "using the full range of instruments consistent with our mandates."
Noting that the global financial system today is in a better position because of reforms since the global financial crisis, the leaders said they would "stay vigilant" and take necessary steps to ensure that the financial system can continue to support the economy.
They also said they recognize that disruptions to global supply chains caused by COVID-19 could further exacerbate the economic and health fallout.
"We support our trade ministries' efforts to address the disruptions to international trade, logistics, and market uncertainty resulting from the pandemic," the statement read. "We call on oil-producing countries to support international efforts to promote global economic stability."
Noting that they support efforts by the International Monetary Fund and the World Bank to address their members' economic and health needs, the financial experts said they would "work with international financial institutions to implement swiftly an ambitious, coherent, and consistent response to the human cost and economic challenges posed by COVID-19."
The United States recently announced it would host an upcoming meeting of the G7 finance ministers and central bank governors by video conference, after a physical gathering originally planned to take place in the city of Philadelphia next month was canceled.
