Financing for development is on the agenda of the G7 Summit (Germany, France, Italy, the United Kingdom, Canada, Japan and the United States) which opened on Friday 11 June in Carbis Bay (Cornwall) under the post-Covid-19 recovery motto to “build back better together, “greener and “fairer”, according to the British Prime Minister and host of the event, Boris Johnson.
Debt relief and debt restructuring for the poorest countries, in particular on infrastructure investment in Africa, will be discussed.
“We must work together to help poor countries recover, develop and prosper after Covid-19”, said European Council President Charles Michel ahead of the summit on 10 June.
He reiterated that the EU is calling for “the establishment of a new alliance with the African continent, a form of Marshall Plan with Africa” so that the debate continues on debt forgiveness and debt restructuring at the same time - “the first point to generate financing capacities”.
He also mentioned the IMF’s 100 billion special drawing rights (SDRs), “which must be reallocated to the African continent” - an objective that was announced at the Paris summit on financing African economies for post-Covid-19 recovery, organised by Emmanuel Macron (see EUROPE 12721/2). (Original version in French by Aminata Niang)