G-7 finance chiefs to reaffirm confidence in global financial system
Finance chiefs from the Group of Seven nations attend a photo session during the second day of their three-day meeting in the city of Niigata, northwest of Tokyo, on May 12, 2023.
The finance chiefs of the Group of Seven nations are expected Saturday to reaffirm their confidence in global financial stability despite digital bank runs and seek to build more robust and resilient supply chains amid the rise of China, as they wrap up a three-day meeting.
The finance ministers and central bank governors will also reaffirm that the G-7 will stand with Ukraine for as long as necessary and thwart efforts by Russia to evade Western sanctions imposed for its war against its neighbor.
A joint statement summing up the talks held in Niigata, northwest of Tokyo, will be released in preparation for a summit chaired by Japanese Prime Minister Fumio Kishida next week.
Representing host Japan, Finance Minister Shunichi Suzuki and Bank of Japan Governor Kazuo Ueda are scheduled to hold a press conference.
Bank and debt woes dominated the G-7 finance meeting as markets are on edge over the financial system’s stability in the wake of a series of U.S. bank failures and brace for a possible U.S. default barring an agreement to raise the debt ceiling.
China is not a G-7 member but figured in the talks as the finance chiefs debated how to address debt vulnerabilities among developing nations and build better supply chains critical to achieving green growth. Beijing is known for its lending practices that often imperil developing debtor nations.
A joint meeting with the G-7 health ministers gathering in Nagasaki, southwestern Japan, is also scheduled for the day to build a financing mechanism to better respond to and brace for pandemics.
The G-7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union.
During the latest round of talks, the G-7 chiefs saw the need to guide macroeconomic policy in a “nimble and flexible” manner, an official involved in the talks said.
