In response to the G7 Finance Ministers meeting, Romilly Greenhill, UK Director of ONE, said:
“Today’s progress on debt and corporate transparency are important steps forward as the world seeks to recover from this crisis. But if the G7 Finance Chiefs were really serious about limiting the economic fallout of the pandemic, they would need to move faster and do more to support vulnerable countries. This was the golden opportunity to deliver an economic response package for vulnerable countries, including funding for vaccines and a firm commitment to recycle SDRs.
“Ahead of their Summit next week, the G7 leaders need to wake up to the scale of the crisis and the speed at which it is unfolding. Their countries have poured trillions into their own recovery plans, but have so far failed to match that same ambition, urgency, and political willingness to address the liquidity crisis impacting the world’s poorest countries.
“With the UK the only G7 country to be cutting its aid budget amidst a pandemic, it is no surprise that it’s losing its ability to lead effectively. An uneven economic recovery is in no one’s interests as we will all be stuck with the impact of the crisis for years to come.”