Astonishing News: Global South Outsiders Demand Debt Annulment and Climate Commitment Compliance at G7 Summit
Do you comprehend what has been composed? The G7 countries have been implored by think tanks to renounce debt owed by the Global South to international lenders.
Such aspirations are more exalted than reality. Kenyan President William Ruto asserted that with the support of their international counterparts, Africa can transform the climate change narrative.
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Catholic bishops have also requested that G7 leaders devote more attention to Africa’s food insecurity. The Oxfam International group has implored G7 leaders to cancel debt owed by low- and middle-income countries, pay off aid arrears, and commit to providing US$100 billion annually to help poorer countries cope with climate change.
Additionally, they have requested that new taxes be imposed on wealthy individuals and corporations and a commitment to issuances of two new $650 billion.
The Global South’s wealthier G7 countries have been chastised by Oxfam for exhibiting double standards at the expense of their former colonies.
These countries demand that the Global South repay about US$232 million in debt daily through to 2028, despite an inability to service these debts. Instead of paying back these monies, the Global South could channel funds to healthcare, education, gender equality, and social protection, as well as the ramifications of climate change.
Lastly, in Johannesburg, Kenyan President William Ruto contended that Africa possesses the potential to change the climate change narrative but requires assistance from international partners.
Catholic bishops from 23 African countries have similarly thrown their influence behind the continent’s plea to the G7, seeking debt cancellation, increased aid, and fairer trade policies.
The G7 is a forum for coordinating global policies and brings together industrialized democracies like the US, Canada, France, Germany, Italy, Japan, and the UK. Russia was a member between 1998 and 2014 when the group was known as the G8 but was later suspended following the annexation of Crimea in Ukraine.
