Finance Ministers called for full implementation of the initiative to suspend debt servicing.
US Treasury Secretary Steven Mnuchin on Monday spoke with colleagues from Canada, France, Germany, Italy, Japan, the UK, the European Commission, the Eurogroup, the IMF, and the World Bank. The G7 Finance Ministries maintain regular contacts and continue to coordinate timely and effective responses to the COVID-19 pandemic.
The Ministers discussed the economic measures taken at the national and international levels and noted the improvement of economic conditions in all the G-7 countries. They also touched on global problems in the area of debt obligations, calling on all official bilateral creditors to fully implement the G20 initiative to suspend debt servicing and expressing support for the Paris club Memorandum of understanding. They also agreed to increase the transparency of debt data and consider additional options for low-income countries, including extending the G20 initiative until 2021. The Ministers stressed the importance of supporting the production and distribution of vaccines and drugs for the treatment of COVID-19, especially in low-income countries. They also discussed the situation in some countries, including Lebanon.