G7 leaders pledge to intensify efforts to address global debt risks.

The Group of Seven (G7) leaders pledged on Tuesday to increase efforts to address the high debt burden plaguing developing countries, including middle-income countries that do not qualify for the debt relief plans introduced by the G20 during the COVID-19 pandemic. Following a meeting with invited countries such as Kenya, Egypt, India, Brazil, and South Korea, the G7 issued a joint statement reaffirming their commitment to advancing development cooperation and urging for faster reforms and a greater focus on private investment. The leaders of the countries stated that while traditional development policies have been effective, their impact on reducing dependence on external aid is "limited." They noted in vian-les-Bains, France that public resources, which have been constrained in recent years due to cuts by the United States and other advanced economies, will continue to play a crucial role but are insufficient to meet global needs. The statement said, "We will intensify efforts to address the growing global debt vulnerability, which threatens economic stability and limits the fiscal space needed to provide essential public services." The statement received support from South Korea and Kenya.