Senior finance officials from the Group of Seven Nations said Tuesday that they would use "all the appropriate policy tools" to prevent the outbreak of the new corona virus from damaging economic growth after global equity markets were brought to their knees last week.
"The G7 finance ministers are ready to take action, including tax measures, if necessary, to help respond to the virus and support the economy at this stage," the group said after a conference call from finance ministers and central bankers.
"The G7 central banks will continue to fulfill their mandates to support price stability and economic growth while maintaining the resilience of the financial system," he added.
Officials from the world's most advanced economies – the UK, Canada, France, Germany, Italy, Japan and the United States – have not announced any specific relief efforts.
"The G7 finance ministers and central bank governors are ready to continue working together on timely and effective action," it said.
Businesses around the world have been hit by government measures to curb the outbreak of coronavirus infections since they surfaced in China, where entire cities have been closed and factories closed.
Fears that the crisis may worsen rocked stock markets last week, although the indices rebounded this week due to expectations that officials would take action such as: B. Interest rate cuts or emergency financing.
(Except for the headline, this story was not edited by NDTV staff and published from a syndicated feed.)