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HomeFinanceJapan's high finance diplomat calls Ukraine responses G7 high precedence

Japan’s high finance diplomat calls Ukraine responses G7 high precedence

TOKYO, Jan 26 (Reuters) – Japan, as this 12 months’s G7 chair, expects Russia’s invasion of Ukraine to dominate talks this 12 months among the many world’s main superior economies, its high finance diplomat, Masato Kanda, advised Reuters.

“Sanctions towards Russia and assist for Ukraine might be a high precedence at G7 finance monitor below Japan’s chair,” Kanda, who will oversee deputy-level negotiations on financial coverage among the many Group of Seven (G7) nations this 12 months, mentioned in an interview.

Amongst different points on the high of the G7 agenda can be world debt issues, he mentioned.

Whereas aggressive U.S. rate of interest will increase final 12 months weighed on rising market dollar-denominated debt, middle-income nations have been left with out a global association to handle the debt disaster.

“Japan is intently coordinating with worldwide organs akin to Paris membership or IMF with the intention to guarantee collaborating of non-Paris Membership members akin to China and India,” Kanda mentioned late on Wednesday.

“It’s fascinating to work with these non-Paris Membership nations in the identical approach with the Frequent Framework,” he mentioned, referring to a Group of 20 mechanism designed to supply a swift and complete debt overhaul to nations buckling below debt burdens after the COVID-19 shock.

“If this realised, it could pave the best way for different middle-income nations to hold out with debt restructuring.”

Kanda mentioned crisis-hit Sri Lanka was a key challenge when it got here to serving to nations in debt however he was undecided when collectors aiming to increase it loans would meet.

Reporting by Tetsushi Kajimoto; Extra reporting by Kentaro Sugiyama; Enhancing by Robert Birsel

Our Requirements: The Thomson Reuters Belief Rules.

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