Oxfam presents study - The G7 nations could put an end to global hunger if they allocate just 3% of their military budgets towards this cause.
Oxfam: G7 Nations Could End World Hunger by Spending 2.9% on Food Instead of Weapons
Aid organization Oxfam claims that if the G7 nations redirected just 2.9% of their yearly military spending towards ending world hunger, they would have enough money to do so. Their report states that an extra 31.7 billion dollars is required annually to eliminate global food insecurity. The report was released on Wednesday, just before the G7 summit starting in Italy on Thursday.
In addition to this, Oxfam urges the G7 countries to forgive debts totalling about four billion US dollars to provide relief to these countries. As it stands, 291 million US dollars are paid daily from the Global South to the G7 as debt repayments and interest. At the same time, the G7 nations owe 15 trillion dollars in unfulfilled development aid and support to low and middle-income countries in light of the consequences of climate change.
"The G7 governments can pour billions into weaponry, but when it comes to eradicating hunger, they suddenly lack funds," stated Tobias Hauschild, Head of Inequality at Oxfam Germany. "Nation-states with low to average incomes are now having to dedicate almost a third of their budgets to debt repayment - that's the equivalent of what they spend on education, healthcare, and social security combined."
Hauschild stressed the importance of not abandoning people affected by war, inflation, and climate change. This includes Germany, as well. "The proposed cuts to Germany's development budget in 2025 are deeply unfavorable and unacceptable," he said.
The G7, an alliance of seven major industrial countries, will convene from 10-13 May in Borgo Egnazia, Italy. At the event, a key topic will be providing additional help for Ukraine. Funds from frozen Russian assets should also be used for this purpose. The G7 countries have currently frozen about 300 billion dollars' worth of Russian assets.
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The aid organization Oxfam suggests that if the G7 nations reallocate a mere 0.1% more of their military budgets towards ending global hunger, equaling 31.7 billion dollars annually, they could eradicate food insecurity worldwide. In light of this, Oxfam also advocates for the G7 nations to cancel debt payments amounting to approximately 4 billion US dollars to aid struggling countries.
