G7 promises to help the world economy in a pandemic

G7 Leaders at the summit in France, August 24, 2019 the leaders of the G7 at the summit in France, August 24, 2019
Official White House Photo by Shealah Craighead / Flickr

Finance Ministers and heads of Centrobanca of the countries “big seven” (G7) pledged to expand fiscal and financial measures to support the economy, weakened due to the pandemic of coronavirus.

“We will do everything necessary to restore confidence, economic growth, protect jobs, the business, the stability of the financial system. We also commit ourselves to promote global trade and investment,” – said in a statement the group, which leads the radio “Freedom” .

G7 also pointed to the urgent need to support the actions for the development, production and distribution of vaccines from COVID-19. So earlier, the world health organization called the disease caused by new coronavirus.

In contrast to the global financial crisis of 2007-2008, when the efforts of the international institutov focused on the support of major banks and companies, the current situation is outlined new directions, Reuters reports. Now we are talking about assistance with employment, work at home, support for so-called vulnerable groups, and expand access to benefits for childcare and unemployment.

Among other designated G7 measures – the deferral of tax payments, rescheduling of loans, grants for affected companies, especially from small and medium business.

last week, the Bush administration announced that Donald trump because of the pandemic coronavirus has decided to cancel the personal meeting of leaders “the big seven” in his residence in camp David. It was to be held in June. Instead, the policy summit will hold several conferences. They take place over the next three months.

On March 26, scheduled an emergency summit of “big twenty” on the situation with the spread of the coronavirus in the world. It also want to be held in teleconference.

As of March 16, after a similar summit, the G7 countries club made a statement in which it declared the pandemic “human tragedy and a global health crisis, which also creates serious risks for the global economy,” reported RBC. “We are determined to do everything necessary to ensure a decisive global response, based on closer cooperation and more coordination of our efforts”, – stressed the participants of the summit.