G7 countries supported World Bank measures against coronavirus

The heads of the ministries of finance and central banks of the G7 countries discussed online the measures to combat the coronavirus pandemic SARS-CoV-2.

In particular, the parties expressed their support for the actions of the World Bank (WB) group on debt relief for the countries with the most unfavorable economic situation. They also expressed readiness to provide debt service deferrals to such countries receiving concessional assistance from the World Bank if agreement is reached with the G20 and the Paris Club of creditors.

The ministers and heads of the Central Bank also expressed their willingness to use all possible tools to overcome the economic impact of the pandemic.

EU representative for foreign affairs and security policy Josep Borrel, addressing G7 partners on March 26, pointed out the importance of effective measures against coronavirus.

On March 16, G7 leaders called the coronavirus a tragedy that triggered a global health crisis. They agreed to share scientific information on coronavirus and stressed the need to share information in real time.

For the first time in history, on April 4, the IMF recorded an almost complete halt to the world economy. The Fund forecasts a long and deep recession that will affect all countries.