UK urged to take lead in easing debt crisis in developing countries

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What is the G7?

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Meeting regularly since 1976, the G7 is made up of seven countries: Canada, France, Germany, Italy, Japan, the UK and the US. Between them, the countries represent around half of the world’s GDP, and the group’s main purpose is to provide a forum for discussing world economic stability. The first meetings grew out of a series of summits to deal with the 1973 oil crisis.

G7 summits take place annually, with the host nation rotating between the members. Summits are usually attended by leaders, finance ministers and central bank governors. As well as the seven nations, the meetings are also usually attended by leaders from the European Union, and representatives from international financial institutions including the International Monetary Fund and the World Bank. As well as the high-profile summits, the finance ministers from the G7 also meet on a regular basis several times a year. 

Between 1998 and 2014 the grouping was known as the G8, and also included Russia among its members. However, Russia was expelled in 2014 following the annexation of Crimea.

Martin Belam

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source https://www.theguardian.com/world/2021/feb/21/uk-urged-take-lead-easing-debt-crisis-developing-countries-g7