ECONOMY

Sunak to Urge G-7 Counterparts to Coordinate Over Supply Issues

U.K. Chancellor of the Exchequer Rishi Sunak is using his first official visit to the U.S. in the role to urge major economies to collaborate over tackling the supply disruptions hampering global growth.
 
Sunak will issue a plea to make supply chains more resilient when he chairs an in-person meeting of Group of Seven finance ministers in Washington, according to a statement released by his office in London. 

The call reflects alarm about the impact of shortages triggered by economies returning to life following the coronavirus pandemic. The International Monetary Fund, which is holding its annual meetings with the World Bank, on Tuesday expressed concern the global recovery has lost momentum and warned of mounting threats to growth. 

“Global cooperation is key to addressing our shared challenges as we emerge from the pandemic,” Sunak said as he left for Washington. “From global tax reform to global supply chains, we must work together to seek international solutions for the benefit of our citizens at home.”

Sunak will deliver the same message at a meeting of Group of 20 finance ministers, where he is also expected to call for coordinated and ambitious action to reduce carbon emissions. He is set to urge rich nations to do more to help poorer ones, particularly by channeling special drawing rights — reserve assets allocated by the IMF —  to low-income and vulnerable middle-income countries.

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