A recent analysis shows that if the Group of Seven (G7) countries allocated just 2.9 percent of their annual military spending, they could effectively solve the world food debt crisis.

The revelation by Oxfam comes ahead of the G7 Summit in Borgo Egnazia, Italy, which estimates that the G7’s fair share of debt relief efforts for the world’s poorest countries is equivalent to $4 billion, for a total of $35.7 billion.

“Governments are finding their pockets run deep to fund war today, but when it comes to stopping starvation they are suddenly broke,” said Oxfam International’s Head of Inequality Policy Max Lawson.

“We’re talking about a small commitment with the potential for huge impact. Imagine a world where no one goes to bed hungry and where countries in the Global South can put money into public schools and hospitals instead of debt interest payments. The G7 not only has the means, but the moral and strategic imperative to make this happen,” said Lawson.

More than 281 million people are currently experiencing the devastating effects of extreme hunger and malnutrition, according to a UN report. Gaza is confronted with a dire hunger crisis, which ranks among the most severe worldwide, primarily attributed to Israel’s continuous assault and blockade on the region.

Oxfam also urged the G7 to reaffirm its call on Israel to comply with the recent decision of the International Court of Justice (ICJ) by ceasing aggression in Rafah and allowing entry of humanitarian assistance into Gaza.