Given the importance of private financing for sustainable development, the G7 Ministers welcomed the leadership by the Institute of International
Finance (IIF) in coordinating private sector participation, and look forward to follow-up, Xinhua news agency quoted the statement as saying.
The Ministers also said they look to the international
financial institutions to step up efforts to provide technical assistance to reduce public debt vulnerabilities, strengthen debt management capacity, and enhance debt reporting practices.
"I welcome the continued strong support among the G7 for helping low-income countries address the impacts of Covid-19, including through participation in the Debt Service Suspension Initiative," US Treasury Secretary Steven Mnuchin said in a separate statement.
He added that the Ministers agreed to convene on a regular basis to work together on critical economic issues to restore their respective economies.
"I look forward to making significant progress to review with the G20 Ministers at the meeting in July," he said.
In April, G20 Finance Ministers and central bankers agreed to "support a time-bound suspension of debt service payments for the poorest countries that request forbearance" following a teleconference meeting.