G7 finance ministers ‘ready to tackle economic hit’

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    Finance ministers from the G7 group of nations have said they will use “all appropriate policy tools” to tackle the economic impact of coronavirus.

    The group of major economies said in a joint statement they were monitoring the outbreak and ready to deploy “fiscal measures”.

    It follows warnings the economic impact could tip countries into recession.

    On Tuesday, Bank of England boss Mark Carney said the virus could produce a “large” but temporary hit to UK growth.

    Central bankers and finance ministers from Canada, France, Germany, Italy, Japan, the UK and the US held a conference call on Tuesday, led by US Treasury Secretary Steve Mnuchin and US Federal Reserve boss Jerome Powell.

    “Given the potential impacts of Covid-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” they said.

    “Alongside strengthening efforts to expand health services, G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase.

    Source: bbc.com/news

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