G7 Finance Ministers Encourage Global Tax Reform and Greater Pandemic Response

G7 finance ministers met in London to discuss global COVID-19 response, vaccines, debt relief and global tax reform.

Eric LeCompte the Executive Director of the religious development organization Jubilee USA Network, releases the following statement on the G7 finance minister communiqué and meeting:

"The G7 tax discussion is historic and could mean raising critical revenues for countries to emerge from the crisis with resilience.

"If corporations were paying their fair share in taxes, countries would have had greater resources to combat the economic shocks caused by the pandemic.

"G7 agreements on a global minimum corporate tax and digital taxes can provide revenue to face the pandemic around the world.

"The G7's work on tax reform and corruption is a blow to tax havens.

“The G7 focus on global COVID vaccine access is incredibly important. 

"The biggest threat to the global economic recovery is the lack of vaccine access in most of the world's countries.

"G7 countries must lead the way in donating their surplus vaccines and providing aid to get vaccines to developing countries.

"Regarding discussions on debt relief, the G7 made its strongest statement yet on the need for the private sector to participate in debt relief.

"The G7 was very clear that it expects the private sector to provide at least as much debt relief for developing countries as wealthy countries will provide.

"We must extend debt relief beyond the poorest countries to include all developing countries. Developing middle-income countries face the worst increases in poverty and job loss and also need to receive debt relief.

"As Sudan debt relief moves forward, we are encouraged by G7 support.

"G7 finance ministers urged that the creation of emergency currency, or Special Drawing Rights, happens by August.

"Processes to distribute Special Drawing Rights can support developing countries access vaccines, fight climate change and reduce poverty. We still need commitments that these resources can be deployed to all developing countries quickly at a low cost.

"The G7 acknowledged that climate change can only be fully addressed as part of global financial decisions and the pandemic response."

Read the G7 Finance Minister Communiqué here.

Read Treasury Secretary Janet Yellen's Statement on Tax Reform and the G7 Meeting here.