MNI: Text - G7 Leaders' Statement

     WASHINGTON (MNI) - The White House released a statement from the G7 phone

call this morning: 

     We, the Leaders of the Group of Seven, acknowledge that the COVID-19

pandemic is a human tragedy and a global health crisis, which also poses major

risks for the world economy. We are committed to doing whatever is necessary to

ensure a strong global response through closer cooperation and enhanced

coordination of our efforts. While current challenges may require national

emergency measures, we remain committed to the stability of the global economy.

We express our conviction that current challenges related to the COVID-19

pandemic need a strongly coordinated international approach, based on science

and evidence, consistent with our democratic values, and utilizing the strengths

of private enterprise.

     We are committed to marshalling the full power of our governments to:

     Coordinate on necessary public health measures to protect people at risk

from COVID-19; Restore confidence, growth, and protect jobs; Support global

trade and investment; Encourage science, research, and technology cooperation.

By acting together, we will work to resolve the health and economic risks caused

by the COVID-19 pandemic and set the stage for a strong recovery of strong,

sustainable economic growth and prosperity.

     Accelerate Our Response to COVID-19

     We will work hard to protect the health and safety of everyone in our

countries. Stepping up the response to the outbreak remains our foremost

priority. We will coordinate our efforts to delay the spread of the virus,

including through appropriate border management measures.

     We will enhance our efforts to strengthen health systems in our countries

and globally. We fully support the World Health Organization in its global

mandate to lead on disease outbreaks and emergencies with health consequences,

leaving no geographical vacuum, and encourage all countries, international

organizations, and the private sector to assist global efforts such as the

Global Preparedness and Response Plan.

     We stress the value of real-time information sharing to ensure access to

the best and latest intelligence, improving prevention strategies and mitigation

measures.

     We will pool epidemiologic and other data to better understand and fight

the virus.

     We will increase coordinated research efforts, including through voluntary

support for the global alliance Coalition for Epidemic Preparedness and

Innovation. We will support the launch of joint research projects funded by both

public and private resources, and the sharing of facilities, towards rapid

development, manufacture and distribution of treatments and a vaccine, adhering

to the principles of efficacy, safety, and accessibility.

     We will make efforts to increase the availability of medical equipment

where it is most needed.

     We will coordinate with online platforms to maximize public access to the

latest correct and relevant official information, in recognition that millions

of citizens receive information and news via social media.

     To implement these objectives, and adapt measures if necessary, will

require efforts across all parts of our governments, and we ask our health

ministers to continue to coordinate on a weekly basis.

     Forcefully Address the Economic Impact of the Outbreak

     We resolve to coordinate measures and do whatever it takes, using all

policy tools, to achieve strong growth in the G7 economies, and to safeguard

against downside risks.

     To this end, we are mobilizing the full range of instruments, including

monetary and fiscal measures, as well as targeted actions, to support

immediately and as much as necessary the workers, companies, and sectors most

affected. This is particularly important for small and medium businesses and

working families. We also ask our central banks to continue to coordinate to

provide the necessary monetary measures in order to support economic and

financial stability, and to promote recovery and growth.

     We ask our finance ministers to coordinate on a weekly basis on the

implementation of those measures and to develop further timely and effective

actions.

     We reinforce the importance of coordination among international

organizations even in the face of challenges to business continuity. We call on

the International Monetary Fund and the World Bank Group and other International

Organizations to further support countries worldwide as part of a coordinated

global response, focused on this specific challenge. We also ask our finance

ministers to work closely with International Organizations to design and

implement swiftly the international financial assistance that is appropriate to

help countries, including emerging and developing economies, face the health and

economic shock of COVID-19.

     We will address disturbances to international supply chains and continue

our work to facilitate international trade.

     Restore and Expand Growth

     We will continue to work together with resolve to implement these measures

to respond to this global emergency. In facing the economic challenge, we are

determined not only to restore the level of growth anticipated before the

COVID-19 pandemic but also to build the foundation for stronger future growth.

We will continue to coordinate through the G7 Presidency including at the G7

Leaders' Summit and call upon the G20 to support and amplify these efforts.

--MNI Washington Bureau; +1 202 371 2121; email: evan.ryser@marketnews.com

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