Finance ministers and central bank governors from the world’s wealthiest nations gather in Japan this week with a growing list of urgent issues to discuss, from the risk of more bank failures and the need for debt restructuring to the threat of a US default.
The officials this time around meet from Thursday through Saturday in the northern Japanese city of Niigata. Here are the main issues to watch out for:Following the collapse of Silicon Valley Bank and Credit Suisse’s takeover, the world has been looking warily at the state of global financial stability. First Republic Bank’s failure has added to those concerns.
President Joe Biden and congressional Republicans are locked in a stare down over raising the $31.4 trillion borrowing limit, with GOP leaders demanding promises of future spending cuts before they approve a higher ceiling. Biden has insisted on a “clean” increase, with budget talks kept separate.How a nation builds its supply chains has become a proxy for its geopolitical colors.
A joint statement may also emphasize improving labor conditions and pushing for clean energy as part of the G-7’s stance on supply chains—a move that would contrast with China’s recent expansion of coal power plants.Sri Lanka’s fate continues to hang in the balance as its main creditors—China, Japan, France and others— have yet to strike a deal on how to move forward on its debt. Still, an inaugural creditors meeting was held virtually Tuesday, with China sitting in as an observer.
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