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

Leaders of the G7 advanced economies on Monday pledged to use all their tools to safeguard the economy and help workers hurt by the coronavirus pandemic.

As the outbreak caused more countries to shut down and brought the global economy to a screeching halt, the leaders stressed the need to join forces and move quickly to address the damage.

"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 in a statement following an emergency videoconference.

The measures are aimed to "support immediately and as much as necessary the workers, companies, and sectors most affected," the statement said. In addition, the leaders instructed their finance ministers to consult weekly to implement policy measures and "develop further timely and effective actions."