Finance ministers from the Group of Seven (G7) have urged the International Monetary Fund (IMF) and the World Bank to increase support for countries hardest hit by the conflict in the Middle East.
G7 ministers met in Paris for a second day of talks focused on global financial stability.
The discussions, hosted by French Finance Minister Roland Lescure, brought together G7 central bank governors and finance chiefs alongside representatives from Gulf states, Brazil, Kenya, India, South Korea and other countries, as major economies seek to broaden cooperation amid rising geopolitical fragmentation.
Lescure said international financial institutions must increase assistance for countries most affected by the crisis, particularly those exposed to energy shocks and supply disruptions.
“We agree on the fact that the IMF and the World Bank have to step up their game for those countries and make sure we help them,” he said, warning that shortages of fertiliser could have serious knock-on effects for vulnerable economies.
The talks come as global markets remain sensitive to instability in the Middle East, including concerns over energy supply routes such as the Strait of Hormuz.
Officials from Qatar and the United Arab Emirates joined the Paris meetings to discuss regional spillover risks, while Syria and Ukraine participated in selected sessions focused on conflict-related economic challenges.
The inclusion of emerging and regional economies reflects what G7 officials describe as a shift towards broader international partnerships at a time when traditional alliances are under strain.
The Group of Seven also discussed rising global trade fragmentation and efforts to diversify supply chains for critical materials, including rare earths and key industrial inputs.
German Finance Minister Lars Klingbeil warned that Europe must assert its economic interests more strongly amid shifting global rules, calling for stronger industrial policies and local production safeguards.
European officials said discussions also touched on global economic imbalances, with concerns that structural differences between major economies could heighten financial volatility.
EU Economic Commissioner Valdis Dombrovskis said progress was being made on raw materials partnerships, but stressed that supply chain diversification would take time.
He also reiterated the need to maintain pressure on Russia over its war in Ukraine, following a U.S. decision to extend a waiver allowing certain purchases of Russian seaborne oil for energy-vulnerable countries.
“From the EU point of view, we do not think that this is the time to ease pressure on Russia,” he said.
The Paris meeting reflects a broader effort by advanced economies to build new economic partnerships with emerging markets while addressing risks linked to conflicts in the Middle East, Ukraine and global energy supply chains.
Officials said strengthening cooperation on critical minerals, reducing reliance on dominant suppliers and stabilising financial markets remained key priorities for the group’s economic agenda.
President of Azerbaijan Ilham Aliyev held a telephone conversation with French President Emmanuel Macron on Thursday (21 May), with both leaders di...
A documentary produced by AnewZ highlighting the Azerbaijani city of Shaki and its living heritage was screened on 21 May during the 13th Session o...
Activists from a Gaza-bound flotilla detained by Israel at sea have been released from prison and are expected to be deported to Türkiye, offi...
The European Union has moved closer to finalising a trade agreement with the United States in an effort to avoid a...
Russia delivered nuclear munitions to field storage facilities in Belarus as part of major nuclear drills, the Russia...
President of Azerbaijan Ilham Aliyev held a telephone conversation with French President Emmanuel Macron on Thursday (21 May), with both leaders discussing bilateral ties, regional developments and ongoing peace efforts in the South Caucasus.
The European Union has moved closer to finalising a trade agreement with the United States in an effort to avoid a new tariff escalation threatened by President Donald Trump. The proposed deal is aimed at stabilising transatlantic trade ties amid mounting economic and political pressure.
U.S. President Donald Trump said on Wednesday that Washington was prepared to launch further attacks on Tehran if Iran rejected a peace deal. However, he added that the U.S. could wait a few days to “get the right answers."
Turkish Foreign Minister Hakan Fidan will attend a meeting of NATO foreign ministers in the Swedish city of Helsingborg on Thursday and Friday, diplomatic sources said.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
Day four of the World Urban Forum (WUF) in Baku brings a packed agenda on sustainable cities and the global housing crisis, with sessions on green housing, smart cities, public spaces and urban rights taking place on Wednesday (20 May) at Baku Olympic Stadium in Azerbaijan.
At least 21 people have been killed and thousands evacuated after torrential rain triggered flooding, landslides and transport disruption across southern and central China, with authorities warning that more heavy rainfall is expected along the Yangtze River.
The penultimate day of the World Urban Forum 13 in Baku will see Azerbaijan's Pavilion highlight post-construction efforts in Garabagh and East Zangezur, as well as host events on the future of Baku and architectural education.
Russia’s ambassador to the United Nations Vasily Nebenzya warned on Tuesday (19 May) that Moscow could retaliate against Baltic states if Ukraine launches military drones from that region. Latvia, the United States and Ukraine responded strongly during a UN Security Council meeting.
Pakistan has intensified diplomatic efforts to accelerate peace talks between the United States and Iran, as Tehran reviews Washington’s latest proposals and U.S. President Donald Trump signals he is prepared to wait only a few days for what he called the “right answers.”
U.S. President Donald Trump said on Wednesday that Washington was prepared to launch further attacks on Tehran if Iran rejected a peace deal. However, he added that the U.S. could wait a few days to “get the right answers."
Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, shipping data showed, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from the U.S. President and his Deputy.
Iranian Foreign Minister Abbas Araghchi said Tehran remained committed to reaching a diplomatic settlement with the U.S. while continuing to strengthen its defensive capabilities amid ongoing regional tensions.
U.S. President Donald Trump said on Monday that he had paused a planned attack on Iran after Tehran sent a peace proposal to Washington. He said there was now a “very good chance” of reaching a deal to limit Iran’s nuclear programme.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment