WASHINGTON: G7 finance leaders pledged on Wednesday to take action to maintain the stability of the global financial system after recent banking turmoil and to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient.
The finance chiefs, meeting on the sidelines of International Monetary Fund and World Bank meetings in Washington, said they had discussed recent financial sector developments after the failure of two U.S. banks and the forced sale of troubled global lender Credit Suisse. They said these"highlight the uncertainty about the global economic outlook and the need to stay vigilant."
"In this endeavor, we will stand firm to protect our shared values, while preserving economic efficiency by upholding the free, fair and rules-based multilateral system and international cooperation," the G7 finance leaders said, using language often used to exclude China and other autocratic regimes.
But French Finance Minister Bruno Le Maire, who participated in the G7 meeting, said such diversification away from China and alliances with allies were necessary.