G7 Finance Ministers and Central Bank Governors´Petersberg CommuniquéPetersberg, 20 May 2022

PreambleWe, the G7 Finance Ministers and Central Bank Governors, met on the Petersberg on
18-20 May 2022, joined by the Heads of the International Monetary Fund (IMF), World Bank
Group, Organisation for Economic Cooperation and Development (OECD), and Financial Stability
Board (FSB). We agreed on concrete actions to deepen multilateral economic cooperation andunderlined our commitment to our united response to Russia´s war of aggression against Ukraine
and to our unwavering support for Ukraine. We were honoured to be joined virtually for our
meeting by the Ukrainian Prime Minister and the Ukrainian Finance Minister.

Support to Ukraine
1. We remain steadfast in our support for and solidarity with Ukraine. In our statement of 20 April
2022, we confirmed that together with the international community we have provided andpledged considerable support to Ukraine this year, on top of the economic support provided
since 2014 until 2021, which exceeds 60 billion US dollars. While also addressing Ukraine´shumanitarian and other material needs, we recognise, in particular, Ukraine´s urgent shortterm financing needs. In 2022, we have mobilised 19.8 billion US dollars of budget support,
including 9.5 billion US dollars of recent commitments in the lead up to the Petersberg
meeting, to help Ukraine close its financing gap and continue ensuring the delivery of basic
services to the Ukrainian people. Furthermore, we welcome ongoing work across the G7 andinternational financial institutions on further substantial financing to Ukraine, notably
including the proposal by the European Commission for up to 9 billion euros of additional
macro-financial assistance. Additional planned support to Ukrainian state-owned enterprises
and the private sector through the European Bank for Reconstruction and Development andthe International Finance Corporation amounts to 3.4 billion US dollars. Importantly, theaforementioned budget support of 19.8 billion US dollars is in addition to recent
announcements on further military and humanitarian support. Across all support, we areurgently working on accelerating disbursements of our commitments to Ukraine. We willcontinue to stand by Ukraine throughout this war and beyond and are prepared to do more asneeded. We are working closely with Ukraine to safeguard its macroeconomic stability in faceof the challenges posed by Russia´s war of aggression, massive destruction of criticalinfrastructure and disruption of traditional shipping routes for Ukrainian exports.
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 1

2. We join our Leaders and Foreign Ministers in their statements of 8 May 2022 and 14 May 2022
calling for peace and committing to support Ukraine in rebuilding for its future. We call on allpartners to join us in supporting Ukraine´s long-term recovery and to ensure the massive joint
effort for reconstruction is closely coordinated, including with the Ukrainian authorities andinternational financial institutions. Recalling our statement of 20 April 2022, we welcome theimportant work by international organisations in this regard and support Ukraine´s reform
efforts and ambition.
3. We underscore our shared commitment to our determined and coordinated sanctions response
to Russia´s war of aggression. We continue to increase Russia´s costs of its war by isolating
Russia and Belarus from the global economy. We remain committed to fully implementing andenforcing our economic and financial sanctions and remain vigilant against sanctions evasion,
circumvention and backfilling. We welcome the ongoing work of the multilateral Russian
Elites, Proxies and Oligarchs Task Force. President Putin, his government and supporters, andthe enabling Belarusian regime, bear full responsibility for the social and economic
consequences of the war.
4. Russia´s war of aggression is causing global economic disruptions, impacting the security of
global energy supply, food production and exports of food and agricultural commodities, aswell as the functioning of global supply chains in general. The economic costs of the war are
felt disproportionately by vulnerable groups across all economies and particularly by thosecountries already facing food insecurities and elevated debt levels as consequences of thepandemic. We are committed to mitigating these harmful impacts of the war and fully support
the multilateral action initiated by the United Nations Secretary General, the “Global Crisis
Response Group on Food, Energy and Finance.” We fully support the stepped-up response by
the international financial institutions and welcome their Action Plan to Address Food
Insecurity, as an adequate platform to channel actions by international financial institutions
and other stakeholders. We also welcome the Global Alliance for Food Security as launchedyesterday, 19 May 2022, by the G7 Development Track and supported by the World Bank tofoster and facilitate the work of the aforementioned Global Crisis Response Group andwelcome concrete actions as planned by various international initiatives. We call on theinternational financial institutions to actively engage in these multilateral and synergetic
platforms in line with their mandates and expertise and help operationalise their goals,
providing support to vulnerable countries and appropriate finance to keep trade flowing, as
well as supporting domestic agricultural production. We are committed to keeping markets
open and enhancing the resilience of agricultural and energy markets in line with climate andenvironmental goals.

G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 2

Macroeconomic stability
5. Against the challenging backdrop of the pandemic and the massive economic repercussions of
Russia´s war of aggression against Ukraine, we remain committed to driving a strong,sustainable, balanced and inclusive global recovery. We will continue to work together tominimise the impact of the war globally as well as on our own economies and population by
providing well-targeted support, where necessary.
6. Across most G7 countries, inflation rates have reached levels not seen for decades, as a resultof Russia’s war of aggression against Ukraine, which is causing substantial increases incommodity, energy and food prices. G7 central banks are closely monitoring the impact ofprice pressures on inflation expectations and will continue to appropriately calibrate the paceof monetary policy tightening in a data-dependent and clearly communicated manner,ensuring that inflation expectations remain well anchored, while being mindful to safeguard
the recovery and limit negative cross-country spillovers. We will also continue to closely
monitor markets given recent volatility. We reaffirm our exchange rate commitments aselaborated in May 2017. Unprecedented policy support has enabled the global economy and
the G7 to weather the current crisis and a pandemic crisis of historic proportions, paving theway for the recovery. However, the necessary fiscal response also led to higher levels of public
debt. We are committed to a stability- and growth-oriented medium-term macroeconomic
policy mix, which puts us on a clear path to medium-term sustainability of public finances anda resilient financial sector.
7. Our response to Russia´s war of aggression against Ukraine is also a reminder of the need toredouble our efforts with international partners to enhance multilateral cooperation and todeliver concrete outcomes. We commit to maintaining and strengthening a safe, resilient andopen global economic system. We are united in our strategic response to the structural
economic changes made evident by the pandemic and Russia´s war of aggression against
Ukraine. We recognise that global security and economic and financial stability complement
and reinforce each other. We are committed to enhancing our defence, energy security andeconomic resilience whilst monitoring potential vulnerabilities. We will continue to support thegreater resilience of critical supply chains, including through diversification, and the investment
in alternative resources and new technologies, including critical minerals and renewableenergies.
8. The G7 remains committed to jointly addressing challenges to long-term growth, including
facilitating the digital and net-zero transitions and the massive investments required. We
commit to mobilise high levels of private and public investments to unleash the potential for
innovation and productivity gains. We emphasise our commitment to making thetransformation of our economies inclusive, by promoting broad-based growth that addresses
existing inequalities within and across countries. We recognise the importance of diversity andthe crucial role of women and under-represented groups for the long-term success of ourG7 Finance Ministers and Central Bank Governors´ Communiqué | Page 3

economies. This includes the need to remove structural barriers to gender equality, including
through inclusive and supportive economic and fiscal policy frameworks. We welcome thework of the G7 Gender Equality Advisory Council. We support the ongoing work on gendermainstreaming in international financial institutions and welcome the International MonetaryFund´s work on its gender strategy.

Global health
9. Effectively fighting the pandemic on a global scale remains critical for the economic recovery.
Close international cooperation, sufficient financial resources and multilateral solutions remain
essential to end this pandemic. All G7 members commit to continue leading the internationalfight against the pandemic recognising that adequately funding the Access to COVID-19 Tools
Accelerator in the current budget cycle is central to end the acute pandemic. The G7 havealready provided and pledged 18.33 billion US dollars for the Accelerator of which 12.36 billion
US dollars fall to its vaccine pillar. We welcome all efforts for successful fundraising this year,
but emphasise that more efforts by all members of the international community, including theG20, are required. We underline the need for a comprehensive pandemic response, supporting
countries with fragile health systems and addressing country-specific challenges on the groundto get vaccines into arms as set out in the G7 Foreign Ministers’ Action Plan; diagnostics,
therapeutics and protective equipment in place and to strengthen health systems for the longrun.
10. We emphasise the importance of strengthening governance and financing of the global healtharchitecture with an adequately and sustainably funded World Health Organisation at its
centre, as well as strengthening international coordination and cooperation, especially forpandemic prevention, preparedness and response, and Universal Health Coverage taking
forward lessons learnt from COVID-19. The G7 will continue to contribute to global efforts
and support the ongoing work of the G20 Joint Finance-Health Taskforce to strengthen
coordination between finance and health officials. We agree that pandemic prevention,
preparedness and response efforts require additional support to close existing capacity andfinancing gaps. We welcome the outcomes of the Second Global COVID-19 Summit on 12 May
2022, including the support for the establishment of a Financial Intermediary Fund, housed at
the World Bank, to catalyse investments in pandemic prevention, preparedness and response.
11. We reaffirm our commitments of December 2021 on actions to support antibiotic development
and support the ongoing work of the G7 Health, Agriculture and Climate Environment andEnergy Tracks on antimicrobial resistance (AMR). We welcome the AMR progress report by theWorld Health Organisation and the Global AMR R&D Hub and request a further detailed
update on the progress made for G7 Finance and Health Ministers in 2023.
12. G7 Finance Ministers welcomed having a discussion on global health issues in a joint session
with G7 Health Ministers.
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 4

Digitalisation
13. We reiterate our strong political commitment to the timely and effective implementation of
the Organisation for Economic Co-operation and Development (OECD) / G20 Inclusive
Framework Two-Pillar Solution to address the tax challenges arising from globalisation and thedigitalisation of the economy with a view to bringing the new rules into effect at global level.
We will provide support to developing countries for the implementation of this historic
agreement. We welcome the report by the OECD Secretariat on tax co-operation for the 21st
century and ask the OECD to continue its work in this area and to report back on further
developments.
14. Digital innovation in payments is a key driver of economic progress and development, notably
through faster, cheaper, more transparent and more inclusive cross-border payment services.
We emphasise the important work being conducted through the G20 Roadmap for enhancing
cross-border payments. In this context, we highlight the opportunities and implications ofCentral Bank Digital Currencies (CBDCs) and their potential role in future paymenttransactions. We recall the Public Policy Principles for Retail CBDCs agreed in October 2021
and reiterate that any CBDC should be grounded in transparency, the rule of law, soundeconomic governance, cyber security and data protection. We encourage jurisdictions exploring
CBDCs to examine the international dimensions of CBDCs, in particular their cross-border use.
CBDCs with cross-border functionality may have the potential to spur innovation and open up
new ways to meet users’ demand for more efficient international payments, but continued
international cooperation will be important to understanding and minimising any negative
spillovers to the international monetary and financial system.
15. The G7 supports work by the Financial Stability Board (FSB) to monitor and address financial
stability risks arising from all forms of crypto-assets, and welcomes increasing global
cooperation to address regulatory issues associated with the use of crypto-assets, including incross-border payments. In light of the recent turmoil in the crypto-asset market, the G7 urges
the FSB, in close coordination with international standard-setters, to advance the swift
development and implementation of consistent and comprehensive regulation of crypto-asset
issuers and service providers, with a view to holding crypto-assets, including stablecoins, to thesame standards as the rest of the financial system. In particular, the G7 calls for rapid
implementation of the Financial Action Task Force (FATF) ‘travel rule’ and stronger disclosureand regulatory reporting, for instance, as regards reserve assets backing stablecoins. We
reaffirm that no global stablecoin project should begin operation until it adequately addresses
relevant legal, regulatory and oversight requirements through appropriate design and byadhering to applicable standards. The G7 remains committed to high regulatory standards for
global stablecoins, following the principle of same activity, same risk, same regulation.

G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 5

Climate and environment
16. The G7 reaffirms its steadfast commitment to the goals of the Paris Agreement and to
implement domestic measures aimed at achieving our emission reduction targets by 2030 andnet zero by 2050 or earlier. We commit to intensifying efforts to accelerate the transition in a
way that positively impacts jobs, growth, fairness and the environment, both globally and atdomestic level. Russia´s war of aggression against Ukraine is putting further upward pressure
on energy prices and underscores the need to accelerate the reduction of our overall relianceon fossil fuels and strengthen our transition to clean energy. This transition will enhanceenergy security and mitigate the risk of future energy price shocks, particularly for the mostvulnerable, promoting a just transition for all. We, therefore, commit to enhancing
international cooperation and coordination on climate mitigation. Effective international
cooperation can help facilitate an immediate and orderly global response to climate change,
which has huge environmental benefits and has the potential to save trillions of dollars ofglobal GDP by 2050.
17. We recognise the potential of high integrity carbon markets and carbon pricing to foster costefficient reductions in emission levels, drive innovation and enable a transformation to net
zero, through the optimal use of a range of policy levers to price carbon. We recognise that therisk of carbon leakage may increase with more divergent climate policy ambition and will
cooperate on possible WTO-compatible mechanisms to mitigate this risk and support traderelations. We support comprehensive cooperation in the transformation and decarbonisation of
our economies, in particular in hard-to-abate industrial and power sectors, and welcome
ongoing work by Climate and Energy Ministers.
18. G7 Leaders agreed to explore establishing an open, cooperative international Climate Club tosupport the implementation of the Paris Agreement, consistent with international rules andwith participation beyond the G7. We are committed to achieving a true paradigm shift, bydemonstrating that ambitious climate action is conducive to strong and sustainable growth for
all economies. We had a first discussion on the Climate Club proposal based on the
Presidency´s proposal for core elements of Terms of Reference for a Climate Club. We commit
to intensifying discussions on the Club´s Terms of Reference within the G7 as well as with allinterested ambitious partners, including developing and emerging countries in the coming
months. We will come back to this issue in our meeting in October 2022.
19. We welcome the ongoing work by international organisations on stocktaking and mapping ofclimate change mitigation policies within the G7 as well as globally, taking into account thecomplexity and heterogeneity of applied policy mixes. We are committed to sharing bestpractices in supporting a green and just transformation of our economies. We take note of thejoint report by the IMF and the OECD on advancing climate policy ambition underheterogeneous approaches to mitigation. We commit to advancing this work together withinternational organisations and to work towards a common understanding of ways to compare
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 6

the effectiveness in reducing emissions as well as the economic impacts of mitigation policies,
such as through explicit carbon pricing, other alternative carbon mitigation approaches andcarbon intensities.
20. We recognise the significant impact of climate change and the transition to net zero on
macroeconomic outcomes and fiscal sustainability within our economies and acknowledge theuneven impacts for many low- and middle-income countries and for vulnerable groups in all
countries. We recognise the need to reflect the effects of climate change and the transition in
our analyses and consider the impact on economic, financial and monetary decision-making, inline with our mandates. We welcome the IMF and World Bank stepping up their engagement
on climate change related issues in line with each institution´s mandate and in continued
collaboration with partners. G7 central banks are committed to intensifying collaboration on
integrating climate risks and aspects into their macroeconomic analysis and modelling toolkit.
We support further work on climate-related macroeconomic scenarios and nature-related
financial risks by the Network for Greening the Financial System and the Coalition of Finance
Ministers for Climate Action.
21. We are strongly committed to achieving the collective climate finance mobilisation goal of 100
billion US dollars per year from a wide variety of sources through to 2025 to address the needsof developing countries in the context of meaningful mitigation actions and transparency on
implementation. We expect this goal will be met in 2023. We agree to continue to strengthen
and, where possible, increase public climate finance and mobilisation of private sector
financing to meet this goal, including through tailor-made just energy transition partnerships
with strong country ownership. We commit to continued G7 leadership on climate finance,
including for adaptation, and to more detailed work in the Finance Track by our Octobermeeting ahead of COP27, in close cooperation with other relevant G7 Tracks. We support theG7 Partnership for Infrastructure and Investment with the aim to jointly work towards a stepchange in sustainable financing of quality infrastructure.

Financial market policy and sustainability
22. The G7 emphasises that resilience of financial markets is key to mobilising private sector
finance to facilitate the whole-of-economy transition along the pathway towards sustainability
and net zero. We remain committed to supporting the implementation of the G20 Sustainable
Finance Roadmap and the Financial Stability Board Roadmap for Addressing Climate-related
Financial Risks and welcome the related work by other international standard-setting bodies.
23. The G7 welcomes the inauguration of the International Sustainability Standards Board (ISSB)
and its progress of work on the global baseline of sustainability reporting standards. We
welcome the ISSB “path to global baseline” statement of 18 May 2022 and call on all relevant
stakeholders to participate in the ongoing consultation on the proposed standards. We urge
the ISSB and national and regional standard-setters as well as other reporting initiatives to
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 7

actively cooperate in the process of elaborating the baseline with the aim of reaching standards
that can be implemented globally. The baseline should be practical, flexible and proportionate
and ultimately suitable for small- and medium-size enterprises and enable jurisdictions to
implement the baseline and a more extensive approach to supplement the baseline. We
encourage countries to prepare or continue to prepare the ground for usage of the baseline,
aim to ensure interoperability of national and regional standards and the global baseline inorder to minimise fragmentation of reporting requirements, reduce reporting burdens, andenable the availability of consistent sustainability information for users. We encourage the
ISSB to continue its work on sustainability reporting standards beyond climate, such as natureand social issues.
24. The G7 welcomes market participants´ formulation of voluntary commitments to reaching netzero emissions by 2050 and alignment with broader sustainability goals with publishedtransition plans with transparent and credible interim targets and actions. We will continue toexplore ways for the public sector to help enhance the credibility and accountability of thesecommitments.
25. In line with the G20 Sustainable Finance Roadmap, the G7 calls for international organisations
to take concrete steps to improve access to available public and corporate sustainability data.
Repositories of sustainability data sources, such as the prototype of the Network for Greening
the Financial System, should be made available to the public on a permanent basis. The G7 also
supports the launch of the new G20 Data Gaps Initiative which will also focus on climatechange.
26. We recognise that the fight against money laundering linked to environmental crimes cancontribute to combatting climate change as well as the loss of biodiversity. We renew ourcommitment to address the risks of illicit finance from environmental crime and recognisethem as a cross-cutting issue. We commit to the following priority actions of the Financial
Action Task Force (FATF) report "Money Laundering from Environmental Crime:" assessing themoney laundering risk exposure in relation to proceeds from environmental crimes in nationalrisk assessments as well as helping other countries to do so; facilitating knowledge-sharing andpromoting awareness-raising measures on money laundering linked to environmental crimes
and fostering international co-operation through a multi-stakeholder dialogue. Participants inthis dialogue should include, amongst others, environment agencies, law enforcement
authorities, Financial Intelligence Units, and customs authorities.
27. The G7 welcomes the FATF´s ongoing efforts to enhance beneficial ownership transparency.
We commit to fully and effectively implement the recently revised FATF standards ontransparency and beneficial ownership of legal persons and in this regard reiterate ourcommitment to implement and strengthen beneficial ownership registries to provide efficient
access to information for law enforcement agencies and competent authorities in tackling illicit
finance. We also affirm the benefits of making beneficial ownership information public where
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 8possible. We call on all countries to expeditiously implement the new standard. We support
the ongoing review of the FATF standards for transparency of trusts and similar legal
arrangements, as well as on asset recovery. We welcome the FATF Ministers’ commitments for
the FATF to do more in combating corruption.

International financial architecture
28. We welcome the recent establishment of the Resilience and Sustainability Trust (RST) at the
IMF and the pledges to the RST. We reaffirm our support for broad-based voluntary
contributions in Special Drawing Rights or freely usable currencies to this Trust, which is also
an important step towards achieving the total global ambition of 100 billion US dollars ofvoluntary contributions for countries most in need. We call for all countries with strong
external positions to contribute to this effort. We commend the historic 20th replenishment of
the International Development Association.
29. Given the deteriorating and highly challenging debt situations of many developing andemerging countries with over 60% of low-income countries in debt distress or at high risk ofdebt distress, we recognise the urgency to improve the multilateral frameworks for debt
restructurings. We underscore our commitment to successfully implementing the G20
Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative,
which is also endorsed by the Paris Club. The G7 encourages further efforts to ensure an
accelerated implementation of the Common Framework and stands ready to support
enhancements and increase predictability in order to provide more certainty for debtor
countries. The G7 also continues to work with G20 partners to support and expedite debt
treatments under the Common Framework.
30. With regards to the implementation of the Common Framework, it remains essential that all
relevant creditor countries including non-Paris Club countries, such as those, like China, withlarge outstanding claims on low-income countries facing debt sustainability challenges,
contribute constructively to the necessary debt treatments as requested. We encourage theCreditor Committee for Chad to conclude a debt treatment with Chad shortly in order toreduce Chad’s debt vulnerabilities, notably resulting from oil price volatility. We stress that
Chad’s private creditors are expected to provide a debt treatment in line with the comparabilityof treatment principle. We reiterate our commitment to swiftly form the Creditor Committee
for Zambia and call upon all creditors to convene a meeting as soon as possible in order toswiftly provide financing assurances to unlock the IMF and World Bank´s timely financial
support. Following Ethiopia´s re-engagement for a new IMF Extended Credit Facility, we also
look forward to progress by the Creditor Committee for Ethiopia. More broadly, we reemphasise our call for private sector involvement in all debt restructuring in line with thecomparability of treatment principle and look forward to continuing work with theinternational financial institutions and market participants on improving the architecture forsuch participation.
G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 9

31. We are concerned about the current situation in Sri Lanka. We call on the authorities to ensure
the respect of human rights and ask all sides to act with restraint. We are committed to a longterm solution to Sri Lanka´s economic challenges, conducive to the respect of human rights,
and welcome Sri Lanka’s request for an IMF program. We encourage Sri Lanka to negotiate
constructively with the IMF to conclude an ambitious but realistic agreement as soon as
possible. The G7 stands ready to support the Paris Club’s efforts, in line with its principles, toaddress the need for a debt treatment for Sri Lanka. We strongly support creditor coordination
since any Paris Club treatment is to be accompanied by comparable efforts from non-Paris
Club creditor countries. We call on those countries to coordinate with the Paris Club.
32. We reaffirm our commitment to improving transparency across all debtors and creditors,
including private creditors. Enhancing debt data accuracy and transparency is crucial to secure
valid debt sustainability assessments. Given the limited capacity of borrower countries tocollect and report debt data accurately, we urge all G20 and Paris Club creditor countries tostep in and share their lending data with the IMF and World Bank to help borrower countries
secure accurate data through debt data reconciliation.

G7 Finance Ministers and Central Bank Governors´ Communiqué | Page 10