G7 finance chiefs to reiterate confidence in global financial stability

NIIGATA: Finance chiefs of the Group of Seven countries are expected to reiterate their confidence in global financial stability on Saturday despite digital bank runs and seek to create more robust and resilient supply networks in light of China's ascent, as they wrap up a three-day meeting, reported Kyodo News.

The finance ministers and central bank governors will reiterate that G7 will stand with Ukraine for as long as is required and block Russian attempts to circumvent Western sanctions imposed for its war against its neighbour.

Ahead of a summit that will be presided over by the Japanese prime minister, Fumio Kishida, the talks that took place in Niigata, northwest of Tokyo, will be summarised in a joint statement that will be made public, according to Kyodo News.

Representing host Japan, Finance Minister Shunichi Suzuki, and Governor of the Bank of Japan Kazuo Ueda, will speak at a scheduled press conference.

Bank and debt woes dominated the G7 finance meeting as markets are on edge over the financial system's stability in the wake of a series of US bank failures and brace for a possible US default barring an agreement to raise the debt ceiling, as per Kyodo News.

China, which is not a member of the G7, participated in the discussions as the finance ministers discussed ways to address the debt vulnerabilities of developing countries and improve supply chains, both of which are essential for attaining green development. Beijing is infamous for its risky lending policies, which frequently put emerging debtor countries at risk.

A joint meeting with the G7 health ministers convening in Nagasaki, southwest Japan, to develop a financial framework to better prepare for and respond to pandemics, is also scheduled for the day.

The Group of Seven comprises the United States, Britain, Canada, France, Germany, Italy, Japan, and the European Union.

The G7 leaders recognised the need to steer macroeconomic policy in a "nimble and flexible" manner during the most recent round of negotiations, said an official involved in the discussions, Kyodo News reported.

Japan assumed the G7 Presidency in 2023. More than 10 ministerial meetings are scheduled to take place in Japan, and the G7 Summit will be held in Hiroshima.

On April 15-16, G7 Ministers' meeting on Climate, Energy and Environment will be held in Sapporo City.

From April 16-18, the G7 Foreign Ministers' Meeting will be held in Karuizawa, Nagano. On April 22-23, the G7 Kurashiki Labour and Employment Ministers' meeting will be held in Kurashiki City.

The G7 Agriculture Ministers' meeting will be held at Miyazaki City on April 22-23. The G7 Digital and Tech Ministers' meeting is scheduled to take place on April 29-30 at Takasaki City. Meanwhile, G7 Finance Ministers and Central Bank Governors' meeting was held in Niigata from May 11 to 13.

The G7 Science and Technology Ministers' meeting will be held on May 12-14 in Sendai City. The dates for G7 Education Ministers' meeting are May 12-15.

Other important G7 meetings will be held all round year and the last, G7 Interior and Security Ministers' Meeting, is expected to take place on December 8-10 in Mito, Ibaraki.