Yellen to Journey to Japan for G7 Finance Ministers Assembly

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will journey to Niigata, Japan subsequent week to take part within the Group of Seven (G7) finance ministers and central financial institution governors assembly, the Treasury Division mentioned on Wednesday.

Treasury mentioned Yellen would work with G7 companions to strengthen the worldwide financial system, together with by coordinating on efforts to encourage and align home investments, and handle the spillover results of Russia’s battle towards Ukraine.

G7 finance ministers and central bankers will meet in Niigata, Japan, from Might 11-13, a month after the Worldwide Financial Fund trimmed its 2023 world progress outlook barely and warned {that a} extreme flare-up of economic system turmoil may slash output to close recessionary ranges.

The IMF is now forecasting world actual GDP progress at 2.8% for 2023 and three.0% for 2024, marking a pointy slowdown from 3.4% progress in 2022 on account of tighter financial coverage.

Yellen will even reaffirm the G7’s management within the coalition supporting Ukraine’s resistance to Russia’s battle and its position in establishing a worth cap on Russian oil, Treasury mentioned. It mentioned the worth cap was persevering with to disclaim Russia income to fund the battle whereas preserving vitality markets secure.

Provide chains will likely be an enormous subject all through the journey, Treasury mentioned.

“She is going to work with companions to deepen resilient provide chains, together with amongst low- and middle-income international locations, and advance financial safety,” it mentioned in a press release.

Yellen will maintain a press convention on Might 11 in Niigata, the place she will even participate in different engagements and maintain bilateral conferences with counterparts, Treasury mentioned.

(Reporting by Andrea Shalal; Modifying by Andrea Ricci and Himani Sarkar)

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