NIIGATA, Japan – The finance chiefs of the Group of Seven bloc of wealthy industrialised nations will discuss on Friday ways to beef up resilience in supply chains, so that developing countries can wean off their reliance on China for critical products.
In Niigata on Thursday, United States Treasury Secretary Janet Yellen said that top of the G-7’s priority was to mitigate geostrategic risks and counterThe G-7 comprises Britain, Canada, France, Germany, Italy, Japan and the US. The European Union is a “non-enumerated” member without right to the rotating presidency.
Other issues on the meeting agenda on Friday include ways to safeguard financial stability from bank runs. Three regional US lenders – Silicon Valley Bank, Signature Bank and First Republic Bank – have collapsed since March. The G-7 finance chiefs are also set to discuss topics such as climate change and the debt trap among developing countries.
Mr Suzuki had said on Thursday that Japan will mobilise US$1 billion via the state-owned Japan Bank for International Cooperation to help countries neighbouring Ukraine accept refugees from the country.Moscow’s circumvention of sanctions, including through third-party loopholes, has been a headache for the G-7.
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Crises from Ukraine to banking await G-7 finance ministersThe talks are a chance to set out a vision for financial stability before the G-7 leaders meet. Read more at straitstimes.com.
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