The G7 Cannot Afford to Ignore Africa
Despite rising global tensions, the G7 remains a formidable and influential grouping, and it has a responsibility to act boldly in boosting shared prosperity. To that end, it must replenish the International Development Association, reallocate special drawing rights, and push for debt-pause clauses at this week’s summit.
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LUSAKA – In the two years since Barbadian Prime Minister Mia Amor Mottley and I urged G7 and G20 countries to construct a fairer, more efficient global financial system, significant progress has been made. Wealthy countries have started to re-channel special drawing rights (SDRs, the International Monetary Fund’s reserve asset) to countries in need, while multilateral development banks (MDBs) have begun to implement reforms.