Oxfam: G7 Countries Owe the Global South More Than $13 Trillion in Development & Climate Assistance

A new Oxfam analysis released as the leaders of the Group of 7 nations met in Hiroshima, Japan, shows G7 countries collectively owe poor nations in the Global South more than $13 trillion in development and climate assistance. But instead, these countries are saddled with daily debt repayments of $232 million, deepening the global chasm of inequality. That debt burden “is essentially the money that could have been invested in education, in health, in gender justice programs, in ensuring safe drinking water, in climate resilience,” says Amitabh Behar, the interim executive director of Oxfam International, speaking from New Delhi.