March 24 (UPI) -- The Group of 7 finance ministers and central bank governors said after a meeting Tuesday they will continue to expand fiscal and monetary actions for as long as it takes to overcome the economic impact of the coronavirus.
The G7, made up of representatives from the United States, Britain, Canada, France, Germany, Italy and Japan, has already called off its in-person meeting at Camp David in favor of a teleconference because of the pandemic.
"We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system," the group said. "We also pledge to promote global trade and investment to underpin prosperity.
"Our nations are working together to fight the COVID-19 outbreak and mitigate its impact, treat those affected, and prevent further transmission. G7 finance ministries are helping advance this effort by providing the funding needed to respond to the situation."
The ministers said they recognize the need for ongoing support for development, manufacture and distribution of tools to fight COVID-19. The group said it will provide bilateral and multilateral assistance and strengthen foreign governments' prevention efforts and emergency response systems.
The G7 central banks and ministries said they will maintain close contact and share information to properly respond to the changing conditions of the pandemic.
The IMF said Monday it's moving to set up emergency financing for nearly 80 countries that have asked for assistance.