C7’s Reaction to the G7 Finance Ministers’ Communiqué
The Civil Society 7 (C7) acknowledges the Group of 7 (G7) Finance Ministers’ Communiqué, issued in Banff, Alberta on May 22, 2025. The C7 welcomes the G7 Finance Ministers’ joint communiqué, signalling mutual commitment to stable and constructive economic relations during a period of international trade instability, as well as its recognition of key global challenges such as debt vulnerability, tax cooperation, and economic imbalances. The G7’s attention to these issues is an important step forward. The G7 Finance Ministers’ now have an opportunity to make concrete, bold commitments. We recognize that global challenges related to trade and affordability are real and urgent, and that this adds further impetus to transform the global economic architecture and rise to the urgency of the moment.
Debt Reform and Cancellation
The G7’s attention to debt challenges and its engagement in specific country processes (such as for Zambia and Ghana) is a continued step in the right direction. Going forward, the G7 has an opportunity to take further action given the depth of the debt crisis facing low- and middle-income countries. The G7 Finance Ministers should take action with urgency, seeing the widespread, unsustainable debt burdens that are constraining public investment in education, health, and climate resilience. As such, the G7 must move beyond support for the G20 Common Framework, which has not led to systemic change and work towards the establishment of a transparent, timely, and fair multilateral framework for sovereign debt restructuring, within the United Nations. Additionally, action is needed on regulating credit rating agencies and reducing borrowing costs for countries in the Global South, especially in Africa, seeing their centrality to long-term financial stability and justice.
International Tax Cooperation
While the communiqué gestures at the need for cooperation on global tax matters, G7 Finance Ministers should support the UN resolution to establish a Framework Convention on International Tax Cooperation, an initiative driven by African states and supported by global civil society. The C7 urges the G7 to support this process and to move toward a more equitable, democratic global tax system. Moreover, the G7 Finance Ministers have an opportunity to close tax loopholes that facilitate illicit financial flows and deprive Global South (and Global North) countries of vital revenue.
Fair and Sustainable Trade
The communiqué does offer statements on open trade and economic resilience, but avoids addressing the deeper structural issues that risk weakening global trade in ways that disproportionately harm the Global South, and especially groups in vulnerable situations within. The C7 continues to call for trade policies that are explicitly aligned with human rights, environmental, and development objectives. The C7 has been clear: trade must serve people and planet, not geopolitcal interests.
Official Development Assistance
The C7 remains concerned by the lack of reference to Official Development Assistance (ODA) in the communiqué. With ODA budgets shrinking across most G7 countries or being diverted from core development priorities, urgent action is needed on restoring ODA to its intended purpose: reducing poverty and global inequalities. The C7 continues to call for greater transparency and accountability in ODA commitments, including the reduction of the growing gap between pledged and disbursed aid.
With the issues now clearly on the table, what is needed is the political courage to act. While G7 Finance Ministers have acknowledged some of the challenges confronting the global economy, this current response falls short of the transformative financial and economic leadership this moment demands.
The C7 reiterates its call for the G7 to place global justice at the heart of financial decision-making and urges that this commitment be translated into concrete, bold actions in the coming months, beginning with the G7 Leaders’ Summit on June 15–17. We call on G7 leaders to reflect these priorities in their deliberations and to engage meaningfully with civil society voices from around the world as equal partners in shaping a just and sustainable future.
Furthermore, with the Fourth International Conference on Financing for Development (FfD4) rapidly approaching, the G7 has a pivotal opportunity to champion these key global financing reforms by aligning its political influence, financial resources, and policy leadership with the urgent priorities of economic justice and inclusive development. From international tax cooperation and debt cancellation to the democratization of global economic governance, the G7 has a chance to demonstrate compassionate, principled, and courageous leadership on international cooperation in a time of profound global disruption.
The C7 stands ready to work in partnership with the G7 to advance bold and meaningful action on the world’s most pressing challenges.