The leaders of the G7 grouping (including the US, UK, Canada, Germany, France, Italy and Japan) continued the second working day of the G7 summit in Cornwall (UK) yesterday.
G7 redistributes $100 billion to countries from IMF
The White House said the United States and the G7 were considering reallocating $100 billion from the International Monetary Fund’s Special Drawing Rights (SDR) to help countries struggling to cope with the pandemic. covid-19, according to Reuters. Amounts that can be used to meet medical needs, such as
Vaccination. The issue will be discussed by the leaders during the ongoing G7 summit in the UK.
According to the White House, the SDR will be allocated by the end of the summer and the US will promote a more sustainable and inclusive global post-Covid-19 recovery. French President Emmanuel Macron on 10 June called on the G7 to reach an agreement on the redistribution of SDRs worth $100 billion to Africa.
The SDR is a form of international reserve currency that was created by the IMF in 1969. This currency has the role of supplementing the money reserves of the member countries. Countries can lend to other countries or donate SDR reserves for use.
Part of the competition with China will include a “rebuilding” initiative. world According to CNN, “Better,” described by a US official as “is an initiative to build a new global infrastructure with our G7 partners that is sustainable, transparent and values driven.” The initiative will include raising hundreds of billions of dollars to help build infrastructure in countries in need by 2035. The new initiative is designed to compete with China’s Belt and Road Initiative and will be announced at the G7 summit. .
While the G-7 countries may work towards a united front in some areas, it remains to be seen whether these countries are willing to risk damaging bilateral ties with Beijing. CNN reports that some China watchers, cited by the Global Times, believe the G7 countries’ “fundamental disagreement” on how to deal with China will prevent them from “taking any meaningful action.” Tell me”.
Today, 13 June, the final day of the G7 summit, leaders will continue to discuss climate change and ensure global biodiversity in order to lay the foundation for the COP26 environmental summit in Scotland in November, ahead of the release of the summit’s joint statement. After that, most of the leaders of the G7, including President Biden, will travel to Belgium to continue the NATO summit. NATO member states will “address China’s security challenge in a statement” for the first time, according to a US official.
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