ROME - A three-day meeting of foreign ministers from the Group of Seven (G7) countries kicked off in Italy's Capri Island on Wednesday, with talks expected to focus on the situation in the Middle East.

Top of the agenda at the meeting is the Gaza conflict, and developments in the wake of Iran's recent retaliatory strikes on Israel.

"The meeting will explore a path towards a credible political solution to guarantee peace and security in the region," the Italian presidency said in a statement.  

The G7 finance ministers met on the sidelines of the International Monetary Fund and World Bank spring meetings and said that they view risks in the global economy as "more balanced" amid recent resilience to multiple shocks, with inflation receding

Italy holds the rotating presidency of the G7 this year.

The G7 comprises Canada, the United States, France, Germany, Italy, the United Kingdom, and Japan, plus the top representatives of the European Union.

In Capri, ministers are also expected to discuss the Russia-Ukraine conflict. Ukrainian Foreign Minister Dmytro Kuleba and NATO Secretary-General Jens Stoltenberg have also been invited to the meeting.

Talks will also focus on G7's ties with Africa, according to the Italian presidency.  

Meanwhile in Washington, the G7 finance ministers met on the sidelines of the International Monetary Fund and World Bank spring meetings and said that they view risks in the global economy as "more balanced" amid recent resilience to multiple shocks, with inflation receding.

"Central Banks remain strongly committed to achieving price stability and will continue to calibrate their policies in a data-dependent manner. Price and financial stability are a pre-requisite for sustainable and balanced growth," the G7 officials said.

With inputs from Reuters