Coronavirus: G7 finance chiefs highlight need to support pandemic-hit economies
- US Treasury Secretary Janet Yellen stressed the Biden administration’s commitment to multilateralism to solve global issues
- It was the first ministerial meeting of the G7 under Britain’s presidency in 2021
Finance chiefs from the Group of Seven (G7) countries on Friday emphasised the importance of supporting pandemic-hit economies toward a recovery, with the United States calling for further fiscal aid and vowing to return to multilateralism.
The teleconference among the G7 finance ministers and central bank governors was the first since the new administration of US President Joe Biden launched last month with a pledge to shift away from his predecessor Donald Trump’s unilateralist “America First” policy.
It was also the first ministerial meeting of the G7 – which groups Britain, Canada, France, Germany, Italy, Japan and the United States, plus the European Union – under Britain’s presidency in 2021.
The attendees exchanged views on “how best to shape and respond to the phases of the global recovery from Covid-19, including supporting workers and businesses in dealing with the pandemic while ensuring sustainability in the long term”. Britain’s finance ministry said in a press release.
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US Treasury Secretary Janet Yellen stressed the Biden administration’s commitment to multilateralism to solve global issues, stating that her country “places a high priority on deepening our international engagement and strengthening our alliances,” according to a statement from the Treasury Department.
Speaking on the need for additional fiscal aid, she asserted that “the time to go big is now” and that the G7 should be focused on what more they can do to provide support at this time, it said.