G7 finance ministers' meeting ends in Italy

Rome, May 26 (IANS) The Group of Seven (G7) finance meeting has concluded, touching upon global economic trends, financial support for Ukraine and multilateral development banking.

After a 3-day meeting in Italy’s Stresa, G7 finance ministers and central bank governors on Saturday noted that the global economy showed “greater resilience than expected” against multiple challenges, Xinhua news agency reported.

“Labour markets remain relatively robust, and inflation has continued to moderate, although core inflation is showing some persistence, notably in the service sector,” the G7 said in a communique.

However, global growth was expected to remain below the historical average, and the global economic outlook was “subject to risks amid the threat of escalating geopolitical tensions and volatile energy prices,” the communique added.

The G7 meeting also said in the communique that progress has been made on a proposal of using future profits stemming from Russian assets frozen in Europe “to the benefit of Ukraine.”

A final decision on this issue was expected from the G7 leaders’ summit due to take place in June in the southern Apulia region of Italy, which holds the G7 rotating presidency this year.

The G7 comprises Canada, the US, France, Germany, Italy, the UK, and Japan, plus top representatives of the EU institutions.

–IANS

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