G7 Finance Chiefs Vow To Contain Inflation, Strengthen Supply Chains

The Group of Seven’s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression but stopped short of any overt mention of China, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: The finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a joint statement pledging to bring inflation under control, help countries struggling with onerous debts, and strengthen financial systems.

The finance ministers and central bank chiefs ended three days of talks in Niigata, Japan, with a joint statement pledging to bring inflation under control, help countries struggling with onerous debts, and strengthen financial systems.

They also committed to collaborating to build more stable, diversified supply chains for developing clean energy sources and to “enhance economic resilience globally against various shocks.”

The statement did not include any specific mention of China or of “economic coercion” in pursuit of political objectives, such as penalizing the companies of countries whose governments take actions that anger another country.

The finance leaders’ talks laid the groundwork for a summit of G-7 leaders in Hiroshima next week that President Joe Biden is expected to attend despite a crisis over the US debt ceiling that could result in a national default if it is not resolved in the coming weeks, Haruka Nuga also reported for AP.

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