ROME - The Group of Seven finance meeting kicked off in Italy late on Thursday, with talks among G7 finance ministers and central bank governors expected to focus on global economic trends, financial support for Ukraine and multilateral development banking.

According to Italy's rotating presidency of the group, the talks among G7 finance ministers and central bank governors will take place mostly on May 24-25.

Italian Finance Minister Giancarlo Giorgetti and US Treasury Secretary Janet Yellen met behind closed doors Thursday afternoon, ahead of an opening ceremony scheduled in the evening, local media reported.

The G7 talks in Stresa in northern Italy will be attended by EU Commissioner for Economic Affairs Paolo Gentiloni and President of the Eurogroup Paschal Donohoe, along with heads of global organizations and ministers of non-G7 countries invited for their relevance to the topics under discussion, the Italian presidency said.

READ MORE: G7 foreign ministers' meeting starts, Gaza conflict in focus

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