G7 pledges to boost debt relief efforts
The leaders of the G7 have pledged to strengthen efforts to address the heavy debt burdens weighing on developing and middle-income countries, particularly those not eligible for the Debt Relief initiative launched by the G20 during the COVID pandemic. They emphasized the importance of international development cooperation, focusing on policy reforms and stimulating private investment, amid dwindling public resources and their limited impact on reducing reliance on external aid. They also underscored the need to move forward with a joint approach to debt restructuring, as the lack of progress threatens economic stability and hampers improvements in public services.
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