ROME, May 22 2023 (IPS)* – Two shocking findings have just been revealed: the G7 countries owe low- and middle-income countries a huge 13.3 trillion USD in unpaid aid and funding for climate action, at a time when one billion people now face cholera risk, precisely because of the staggering reduction and even non-payment of committed assistance.
Such an inhuman reality also reveals that the G7 (Group of the seven wealthiest countries), who represent just 10% of the world’s population, continue to demand the Global South to pay 232 million USD –a day– in debt repayments through 2028, on 17 May 2023 revealed a new analysis from Oxfam ahead of the G7.
This is the amount of interest and debt repayment that the mid and low-income nations –including the 46 Least Developed Countries (LDC5)– have to continue transferring -every single day– for the total 10 trillion USD they have been forced to borrow from rich states, private banks and financial corporations.
The Group of Seven (G7) countries owe low- and middle-income countries a huge 13.3 trillion in unpaid aid and funding for climate action, according to an Oxfam new analysis launched ahead of the G7 (United States, United Kingdom, Germany, Japan, France, Italy, and Canada) Summit in Hiroshima, Japan (May 19- 21, 2023)G7 Owes the Poor $13 Trillion in Unmet Pledges. Meanwhile… | HUMAN WRONGS WATCH