G7 finance chiefs warn of global uncertainty as US debt crisis looms FMTNews FMTBusiness
NIIGATA: Finance leaders of the G7 rich nations warned of heightening global economic uncertainty today, as they wrapped up a three-day meet overshadowed by a US debt ceiling stalemate and fallout from Russia’s invasion of Ukraine.
“We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.” “Clearly, distress in the world’s biggest economy would be negative for everyone,” World Bank president David Malpass told Reuters on the sidelines of the G7 meeting the same day.On the banking troubles, the communique said policymakers would tackle “data, supervisory, and regulatory gaps in the banking system”.
The grouping reiterated its condemnation of Russia’s invasion of Ukraine and pledge to strengthen monitoring of cross-border transactions between Russia and other countries.
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