Japan to chair G7 finance meet in Washington, key talk on global economy, says finance minister

Shunichi Suzuki said Japan wants to explain its financial support for Ukraine, as it proceeds with legal revisions to provide loans and other measures to back war-torn country.

Japanese Finance Minister Shunichi Suzuki speaks during a news conference after a meeting of G7 leaders on the sidelines of G20 finance ministers' summit in Bengaluru on 23 February, 2023 | Reuters

Tokyo: Finance Minister Shunichi Suzuki said on Tuesday that Japan would chair a Group of Seven (G7) financial leaders’ meeting on Wednesday in Washington to discuss the global economy and financial markets, the strengthening of supply chains and the Ukraine crisis.

The G7, which includes Britain, Canada, France, Germany, Italy, the United States and Japan, is expected to reaffirm its solidarity in providing financial support for Ukraine and sanctions against Russia, Japanese officials have said.

Suzuki said Japan wanted to explain its financial support for Ukraine to G7 peers, as Tokyo proceeds with legal revisions needed to provide loans and other measures to back the war-torn country.

“As we lead the debate as G7 chair, we will exchange frank opinions about recent market developments and inflation and want to maintain close coordination on international cooperation in strengthening of supply chains,” Suzuki added. He was speaking to reporters shortly before leaving for Washington.

The G7 financial leaders’ meeting will be held on the sidelines of International Monetary Fund and World Bank annual gatherings.

At the broader G20 gathering, which is chaired by India this year, financial leaders are expected to discuss support for developing countries that are saddled with debt and other issues surrounding global economy, Suzuki said.

“Japan has actively contributed to debt problems and support for developing countries. We want to explain Japan’s efforts and to promote international cooperation,” he added.

Developing countries have accumulated debt after years of cheap money channelled via advanced economies’ monetary easing. A more recent interest rate tightening cycle, with the exception of Japan, has made it harder for some of those countries to repay debt.

(Reporting by Tetsushi Kajimoto; Editing by Tom Hogue and Jamie Freed)

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