G7 pledge to do 'whatever it takes' to safeguard world economy

Officials from the G7 countries pledged to join forces to address the damage of the coronavirus pandemic, which they called “a human tragedy”.
Earlier this month, the G7 leaders postponed their plans to coordinate their efforts to help lessen the economic effects of the pandemic.
After an emergency videoconference on Monday, officials from the seven wealthiest countries in the world – Canada, France, Germany, Italy, Japan, the UK, and the US, agreed that “the COVID-19 pandemic is a human tragedy and a global health crisis, which also poses major risks for the world economy”.
“We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies and to safeguard against downside risks,” the leaders said, adding that the measures aim to “support immediately and as much as necessary the workers, companies and sectors most affected”.
Yesterday, the stock market plunged to historic lows. US President Donald Trump said that the American economy may be headed into a recession.
The group said it would work together on border management following the border closing across the world. The G7 finance ministers will consult weekly to implement policy measures. The G7 leaders also called on global institutions like the International Monetary Fund to “swiftly” deploy financial assistance to countries that need it.
“We are committed to working together with resolve to implement these measures to respond to this global emergency”, the group said.