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G7 discusses global economic outlook, vaccination, supply chains

$1B antimicrobial resistance action fund approved to introduce 4 new antibiotics by 2030

G7 economic officials on Monday discussed the outlook of the global economy, boosting vaccination rates around the world to combat the COVID-19 pandemic, and the importance of resilient supply chains.

G7 finance ministers and governors also discussed the macroeconomic implications of climate change and technical work the G7 will pursue to better understand climate mitigation measures, the US Treasury Department said in a statement.

In a virtual meeting of the G7 finance ministers and central bank governors, US Treasury Secretary Janet Yellen endorsed the G7 finance ministers’ statement on actions to support antibiotic development, which calls on member states to address the antibiotic development shortfall with a range of market incentive options.

The statement on actions, which was agreed on Monday, includes a $1 billion antimicrobial resistance action fund to help bring four new antibiotics to market by 2030.

“COVID-19 has demonstrated the importance of strengthening preparedness for global health threats, including the ‘silent pandemic’ of antimicrobial resistance (AMR),”said the statement.

“AMR is already having significant impacts on our economies and health systems, leading to an estimated 700,000 deaths globally from drug-resistant infections annually,” it added.

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