G7 leaders have pledged to step up efforts to address high debt burdens among developing countries, including middle-income countries not currently eligible for a debt relief initiative launched by the broader Group of 20 large economies during the Covid-19 pandemic.
In a joint declaration issued after a session that included guest countries Kenya, Egypt, India, Brazil and South Korea, the G7 leaders affirmed their commitment to international cooperation on development while urging reforms and a greater emphasis on private investment.
They said traditional development policies had produced results, but had only “limited impact in reducing financial dependency on external assistance.”
Public resources, curtailed…