By Dai Nagata, staff writer
On the night on April 14, the G7 finance ministers and central bank presidents held a video conference to discuss countermeasures against the spread of the new coronavirus. The discussion mainly centered around supporting developing countries and low-income nations struggling amid the global pandemic.
To support low-income nations, the leaders discussed extending these nations’ debt repayment schedules and using support systems already in place at the International Monetary Fund (IMF). They plan to discuss these and other related issues at the meeting of G20 finance ministers and central bank chiefs scheduled for April 15. Representatives of major developing countries will participate in that meeting.
Following the G7 conference, Finance Minister Taro Aso told the press: “All agreed that the international community must support developing nations in their efforts against the spread of the virus by providing financial support as well as sharing know-how.”
If developing countries are late in repaying their debt, it could have a serious impact on the global economy. In its emergency economic measures finalized this month, the Japanese government included making a contribution to an IMF trust to assist low-income nations shouldering debt.