G7 pledge to ‘do whatever it takes’ to safeguard economy

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Front row, L-R: Kenya's President Uhuru Kenyatta, Guinea's President Alpha Conde, U.S. President Donald Trump, Italian Prime Minister Paolo Gentiloni, French President Emmanuel Macron, Niger's President Mahamadou Issoufou pose for a family photo with other participants of the G7 summit during the Summit of the Heads of State and of Government of the G7, the group of most industrialized economies, plus the European Union, in Taormina, Sicily, Italy, May 27, 2017. REUTERS/Pool

Washington – Leaders of the G7 advanced economies on Monday pledged to use all their tools to safeguard the economy and help workers hurt by the coronavirus pandemic.

As the outbreak caused more countries to shut down and brought the global economy to a screeching halt, the leaders stressed the need to join forces and move quickly to address the damage.

“We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies and to safeguard against downside risks,” the leaders said in a statement following an emergency videoconference.

The measures are aimed to “support immediately and as much as necessary the workers, companies, and sectors most affected,” the statement said.

In addition, the leaders instructed their finance ministers to consult weekly to implement policy measures and “develop further timely and effective actions.”

They noted the disruption to supply chains due to transportation shutdowns, as well as the harm to families.

The leaders called on global institutions like the International Monetary Fund to “swiftly” deploy financial assistance to countries that need it.

“We are committed to working together with resolve to implement these measures to respond to this global emergency,” they said.

And they said they are “determined not only to restore the level of growth anticipated before the COVID-19 pandemic but also to build the foundation for stronger future growth.”

AFP

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