British finance minister Rishi Sunak said that the Group of Seven rich nations should work together more closely. So that it will be easy to tackle supply-chain disruption, that has hampered the economic recovery from this pandemic. Sunak is meeting other finance ministers in Washington on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.
He gave a statement that the global cooperation is key to addressing their shared challenges as they emerge from the pandemic. From global tax reform to global supply chains, they must work together to seek international solutions for the benefit of their citizens at home. The IMF warned that supply-chain bottlenecks, including delays at ports and shortages of key components were all delaying recovery and fuelling inflation pressures worldwide. Britain has been hit hard due to the added impact of post-Brexit trade barriers and tougher immigration rules.
Many British petrol stations temporarily ran out of fuel last month. A surge in natural gas prices has led to a shortage of carbon dioxide used to stun farm animals before slaughter. Sunak also encourages other rich countries to redirect part of their share of the IMF’s new $650 billion allocation of its internal currency to poorer nations.
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