Today: 6 May 2025
13 May 2023
1 min read

G7 warns of global economic uncertainty as US debt crisis looms

The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock…reports Asian Lite News

Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following US bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock, which was made no mention of the statement, Xinhua news agency reported.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

ALSO READ: India showcases digital infra at G7 meet

Previous Story

Imran blames General Munir for arrest

Next Story

Bharat Jodo Yatra delivers desired effect

Latest from -Top News

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of
Go toTop

Don't Miss

40 million Americans under heat alerts

Temperatures are forecast to reach or exceed 43.3 degrees Celsius

Russia planning to invade Ukraine on Feb 16?

According to German newspaper Der Spiegel, the US Secret Service,