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Courtesy of Finance Ministry Finance Minister Shunichi Suzuki and Bank of Japan Gov. Kazuo Ueda attend their meeting in Marrakesh, Morocco, on Thursday.
Jiji Press
11:51 JST, October 13, 2023
MARRAKESH, Morocco (Jiji Press) — The finance ministers and central bank governors from the Group of Seven advanced economies on Thursday issued a statement condemning the massive attacks on Israel by Palestinian militant group Hamas.
“We unequivocally condemn the recent terror attacks by Hamas on the State of Israel and express our solidarity with the Israeli people,” the G7 top finance officials said in the statement released after their meeting in Marrakesh, Morocco, the same day.
The statement also said, “We reiterate our unwavering support for Ukraine and are united in our condemnation of Russia’s illegal, unjustifiable and unprovoked war of aggression against Ukraine.”
In addition, the G7 officials agreed to “explore” how Russian assets frozen under economic sanctions could be directed to support Ukraine and its recovery and reconstruction in compliance with applicable laws, according to the statement.
The meeting was also attended by Ukrainian Finance Minister Sergii Marchenko.
From Japan, this year’s G7 chair, Finance Minister Shunichi Suzuki and Bank of Japan Governor Kazuo Ueda participated in the meeting.
“Many participants expressed serious concerns and condemnation” over the Hamas attacks, Suzuki told a press conference after the meeting.
On the global economic trend, Ueda said, “It is a difficult issue that the situation in the Middle East has been added as a new factor of uncertainty.” At the same time, the BOJ governor explained, “At present, it [the Middle East situation] does not force a major change to the global economic outlook.”
Elsewhere in the meeting, the G7 financial chiefs agreed to accelerate talks on an International Monetary Fund quota review and reforms to strengthen the lending capacity of the World Bank. On the debt issue of Sri Lanka, which has effectively fallen into default, they showed hope that discussions at the official creditor committee led by Japan and others would make progress.
On Thursday night, the finance ministers and central bank chiefs of the Group of 20 major economies, including the G7 nations, started a two-day meeting in this North African city. Their agenda items include the risk of a global economic slowdown against the backdrop of Russia’s invasion of Ukraine and growing tensions in the Middle East. Attention is paid to whether a joint statement can be adopted, after G20 financial officials failed to issue such a document for six consecutive meetings as they remained divided over the war in Ukraine.
