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.
[File Image]: Flags are pictured during the first working session of G-7 foreign ministers in Muenster, Germany, November 3, 2022.[File Image]: Flags are pictured during the first working session of G-7 foreign ministers in Muenster, Germany, November 3, 2022.
“It’s urgent for us to act and rethink collectively the international financing architecture,” a French presidential official said, adding that Paris had lobbied its G7 partners ahead of next month’s conference. “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.
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