2023-05-20 01:10:39
© Reuters. Ukrainian President Volodymyr Zelenskiy in Berlin, Germany 5/14/2023 REUTERS/Fabrizio Bensch/Archive
HIROSHIMA, Japan (Reuters) – Leaders of the world’s richest democracies are looking to fill a huge gap with emerging economies by focusing on infrastructure and debt relief, officials said, part of a strategy to reduce China’s influence in countries low-income.
Ukraine will again be a focus for Group of Seven (G7) leaders, who will meet for the second day of a three-day summit in the Japanese city of Hiroshima on Saturday, where Ukrainian President Volodymyr Zelenskiy is also expected to be.
Reaching out to the “Global South” is the theme of the summit, which highlights both the growing economic importance of countries like India and the vast inroads China has made into developing markets, building infrastructure and expanding financing.
Members of the G7, made up of the United States, Japan, Germany, France, the United Kingdom, Italy and Canada, are increasingly focused, according to officials, on how China’s influence in low- and middle-income countries is impacting supply chains. supply and economic security.
The group is scheduled to release a statement on economic security, a US official said. Russia’s war in Ukraine has also unduly hurt low-income countries, according to G7 members.
“We remain concerned that serious challenges to debt sustainability are hampering progress” towards sustainable development goals, the leaders said in a draft final communiqué obtained by Reuters on Friday.
“Low- and middle-income countries are disproportionately affected by Russia’s war of aggression against Ukraine,” they said in the draft.
(Reporting by Reuters in Hiroshima)
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