G7 finance ministers have called for the swift reopening of the Strait of Hormuz and want to protect countries most affected by the blockade, France's Roland Lescure said at the close of their meeting in Paris.
"We are calling for the reopening of the Strait of Hormuz. We are calling for a lasting solution to the conflict," French Finance Minister Lescure told reporters on Tuesday.
The conflict in the Middle East is slowing growth, fuelling inflation and putting pressure on supply chains for energy, food and fertilizer, a closing statement from the meeting said.
"We will closely monitor the impacts together with international organizations. But I want to make it clear - the Strait of Hormuz must be open and free of fees," the French minister added.
The International Monetary Fund (IMF) and the World Bank were asked to expand their support for countries affected by a possible food crisis.
"If we do nothing, 50 million people could very soon be affected by a food crisis. We must act," Lescure added.
Inflation in fertilizer and food prices means it will be difficult for the population in particularly affected countries in the coming weeks and months to buy or find food.
A corresponding action plan is to be presented at the G7 summit of leaders in mid-June in the French town of Evian.
The Group of Seven (G7) is an alliance of leading industrial nations. Its members are Germany, France, United Kingdom, Italy, Japan, Canada and the United States.
The member states' central banks were also represented at the meeting. France holds the G7 presidency this year.
