Kuni .G .Isaac
the Group of Seven (G7) commenced three days of conferences yesterday in Germany’s Bavarian Alps. A part of the first announcements was a 600-billion-dollar arrangement initiative to support developing countries affected by climate change.
The initiative is seen as the West’s response to China’s massive Belt and Road Initiative (BRI). US President Joe Biden said,
“this is not aid or charity but an investment that will deliver returns for everyone, including the American people and the people of all our nations. It will boost all of our economies”,
In another statement Biden said China has been accused of trapping low-income countries into unaffordable debts to be part of its trillion-dollar BRI push. EU Commission chief Ursula von der Leyen said G7 is offering sustainable, quality infrastructure and will be listening closely to the recipient countries.
Shortly before the G7 summit began, London declared that UK, along with US, Japan and Canada, will ban new imports of Russian gold to constrict the economic effect of sanctions on Russia. The joint action will directly hit Russian oligarchs and strike at the heart of Putin’s war machine, British Prime Minister Boris Johnson said in the statement. Washington said the decision will be formally announced as a G7 move on Tuesday.
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