PARIS: The finance ministers of the G7 group of countries reiterated it was imperative to re-open the Strait of Hormuz, and that it was important to tackle global, current account imbalances.They also reaffirmed in a joint statement their commitment to multilateral cooperation in addressing risks to the global economy.The ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, also said they remained committed to have stable energy markets and called on all countries to avoid arbitrary export restrictions.

G7 finance ministers are due to meet in Paris on Monday and Tuesday as long-term borrowing costs surge.

Finance chiefs from the G7 industrialised nations gather in Paris on Monday for two days of talks aimed at forging a united front as the Middle East war roils economic prospects…