The Group of Seven (G7) wealthy nations need to take more responsibility in boosting crisis financing for vulnerable countries across the world and work with them to reform the post-war financing system, French officials said.
France will host on June 22-23 the "Summit for a New Global Financial Pact", which will tackle reform of multilateral development banks , the debt crisis, financing for green technologies, the creation of new international taxes and financing instruments, and special drawing rights.
"Today we have a network of development banks in the world which finance international solidarity and which find themselves limited in their capacity to act." "Africa is heavily indebted and we are paying the price of crises that have followed, including now the Ukraine crisis, so the G7 has a responsibility," one French official said.
Africa's debt woes are coupled with the inability of some of the world's poorest countries to adapt to the green transition, while also struggling to finance a response to the climate crisis as they suffer its impact.
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