The finance ministers and central bank governors of the Group of Seven (G7) advanced nations will hold a meeting on Oct. 12 to discuss the escalating war in Ukraine and the challenges facing the global economy, Japan’s Finance Minister Shunichi Suzuki announced on Tuesday. The meeting, which will be chaired by Japan, will be part of a broader Group of 20 gathering that will take place on the sidelines of the annual International Monetary Fund conference in the Moroccan city of Marrakech.
Suzuki said that the G7 financial leaders will focus on issues such as support for Ukraine, which has been locked in a bloody conflict with pro-Russian separatists since 2014, as well as the role of global financial institutions in ensuring stability and growth. “We want to make sure that these debates will bear fruit,” Suzuki told reporters.
The G7 meeting will also include roundtable talks with African nations to facilitate flows of private-sector funds to the continent, Suzuki said. The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The group has been coordinating its response to the Ukraine crisis, which has worsened in recent weeks amid a Russian military buildup near the border and a surge in violence.
The G7 has imposed sanctions on Russia for its annexation of Crimea and its support for the separatists, and has pledged financial and political assistance to Ukraine’s government. The G7 has also been grappling with the impact of the coronavirus pandemic on the global economy, which has suffered its worst recession since World War II. The group has agreed to extend a debt relief initiative for poor countries until the end of 2023, and has endorsed a global minimum tax rate of 15% for multinational corporations.
The G7 meeting comes ahead of a summit of world leaders in Glasgow, Scotland, in November, where they will try to reach a deal on curbing greenhouse gas emissions and tackling climate change. The G7 hopes to show unity and leadership on these pressing issues, and to work with other countries and organizations to address the common challenges facing the world.
Source: [Reuters]
