March 23, 2020 / 3:15 PM / 5 days ago

G7 finance officials plan coronavirus response call on Tuesday: source

WASHINGTON (Reuters) - Finance ministers and central bank governors from the G7 wealthy democracies plan to hold a conference call on Tuesday morning to discuss their coronavirus response efforts and the economic impact from the pandemic, a source familiar with the plans said.

The call, to be led by U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, will likely result in a statement from the G7 finance officials, who remain in close touch and are coordinating their efforts, the source told Reuters on Monday.

The scheduling of the call comes as countries are rolling out unprecedented economic stimulus and financial backstop efforts to try to keep businesses from collapsing amid a halt to economic activity to slow the spread of the virus.

Mnuchin was trying to negotiate an economic aid package that has grown to about $2 trillion with U.S. Senate Democratic and Republican leaders, after weekend talks failed to yield a deal.. The plan would provide loans and other aid to keep companies large and small solvent and continuing to pay employees.

The U.S. Federal Reserve on Monday launched an extraordinary array of programs to offset the “severe disruptions” to the economy caused by the coronavirus outbreak..

Leaders of the G7 countries - the United States, Japan, Germany, Britain, France, Italy and Canada - held a call last week and pledged coordinated healthcare and economic actions to fight the virus. They also said their finance ministers and central bank governors would consult weekly.

Reporting by David Lawder, Editing by Franklin Paul and Andrea Ricci

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