The British charity says wealthy nations are demanding debt payments from the Global South while failing to pay what they owe themselves.
Group of Seven (G7) countries owe low and middle-income nations $13.3 trillion (€12.3 trillion) in unpaid aid and funding for climate action, according to new analysis from Oxfam.
The figure was released ahead of the G7 summit due to begin in Hiroshima, Japan tomorrow.
Oxfam says these wealthy nations and their bankers are demanding that countries in the Global South pay $232 million (€215 million) in debt despite failing to pay what they owe themselves.
“Wealthy G7 countries like to cast themselves as saviours but what they are is operating a deadly double standard – they play by one set of rules while their former colonies are forced to play by another,” Oxfam International interim executive director Amitabh Behar said in a statement.
“It’s do as I say, not as I do.”