Calgary, Alberta – On Sunday, prime ministers and presidents of G7 countries begin three days of talks in Kananaskis, Canada. Recently elected Canadian Prime Minister Carney presides over the gathering that US President Trump will attend.

"As G7 leaders meet in the Canadian Rockies, we are wrestling with global economic uncertainty and debt challenges," stated Eric LeCompte, the director of Jubilee USA Network in Canada for the meetings. "The World Bank forecasts average global growth this decade to reach its lowest point since the 1960s."

Canada hosts the 50th Anniversary G7 gathering in a year that Pope Francis and interfaith leaders declared the focus of the religious Jubilee Year of 2025 on debt relief and changes to the economy to address poverty. Faith leaders from across Canada and around the world are in Alberta to deliver more than 150,000 petitions to address debt crises.

"Many wealthy countries are almost back to where they were before the pandemic hit, but most of the world's countries are predicted to take more than 20 years to recover," noted LeCompte who serves on United Nations debt expert groups. "Debt levels are rising as we experience challenges from high interest rates, cuts in development aid and uncertainty caused by tariffs."

Last month, G7 finance ministers reaffirmed the importance of facilitating debt contract clauses that protect countries against a range of crises. Canada is one of the creditors that recently began inserting debt payment pauses for climate disasters in its own lending. With other G7 countries, a number of development banks are extending such provisions to more of their borrowers.

“Improving debt contracts helps protect vulnerable countries facing crises," shared LeCompte. "Historically, the G7 has led the largest global debt relief initiative since the late 1990s and we need the G7 to enact more comprehensive debt solutions urgently."