mazzucato39_Angelika Warmuthpicture alliance via Getty Images_g7 summit Angelika Warmuth/picture alliance via Getty Images

How the G7 Could Help the Debt-Distressed

If G7 leaders are serious about helping low- and middle-income countries prepare for the next pandemic or address climate change, they have an odd way of showing it. As many developing countries hurtle toward a debt crisis, rich countries are failing to pull the levers that could help them avoid the worst.

LONDON – This month, G7 leaders will gather in Germany to discuss a litany of overlapping global crises, including the war in Ukraine, food insecurity, inflation, backlogged global supply chains, the pandemic response, and climate change. These challenges have a common denominator: All are falling hardest on low- and middle-income countries that are already facing an escalating debt crisis.