G7 ready to use 'all appropriate policy tools' against coronavirus risk: Statement

Washington: Top finance officials from the Group of Seven nations on Tuesday said they would use "all appropriate policy tools" to prevent the new coronavirus outbreak from damaging economic growth, following the rout on global stock markets last week.

"G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase," the group said after a conference call of finance ministers and central bankers.

"G7 central banks will continue to fulfil their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system," it added.

The officials from the world's most advanced economies -- Britain, Canada, France, Germany, Italy, Japan and the United States -- did not announce any specific relief measures.

"G7 finance ministers and central bank governors stand ready to cooperate further on timely and effective measures," it said.

Companies worldwide have been buffeted by actions taken by governments to stem the outbreak of coronavirus infections since they emerged in China, where entire cities have been locked down and factories shut.

Fears that the crisis will deepen sent equity markets into a tailspin last week, though indices have recovered this week on expectations that officials would take action, such as cutting interest rates or providing emergency financing.

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