G20 Finance Ministers Meeting Amid Geopolitical Tensions | War in Ukraine

G20 Finance Ministers meet amid geopolitical tensions | War in Ukraine

Meeting in Bali, G20 finance ministers agreed to jointly tackle global issues like inflation and food crises, but they continue to oppose over the war in Ukraine.

Finance ministers from the world's 20 largest economies (G20) agreed in meetings on the Indonesian island of Bali this week on the need to jointly tackle global ills like inflation and food crises, but they failed to bridge differences over the war in Ukraine.

All those involved agreed that the meeting took place in a very difficult situation due to geopolitical tensions, Indonesian Finance Minister Sri Mulyani Indrawati said on Saturday.

Minister Indrawati and Indonesian Central Bank Governor Perry Warjiyo said Indonesia would later issue a G20 Chair's Statement which would include two paragraphs outlining areas on which participants failed to agree. #x27;hear.

Regarding the war, there are still different views within the G20, Minister Indrawati said.

She further listed a series of issues on which members agreed, in particular on the need to improve food security, to support the creation of a financing mechanism for the preparation, prevention and management of pandemics, to work on a global tax agreement and to facilitate the financing of the transition to cleaner energy in the face of climate change.

Indonesian Finance Minister Sri Mulyani Indrawati at the G20 Finance Ministers meeting in Bali< /p>

As inflation spikes, Indonesian central bank governor Perry Warjiyo maintained that participants were strongly committed to achieving price stabilization.

“There is a commitment within the G20 to well-calibrated macroeconomic policy to fight inflation and slowing growth.

— Perry Warjiyo, Governor of the Indonesian Central Bank

In May, the consumer price index in Canada rose by 7.7% , according to the Bank of Canada.

The meetings in Bali followed a meeting of G20 foreign ministers earlier this month, which also failed to find common ground on the war between Russia and Ukraine and its global repercussions.

Canadian Finance Minister Chrystia Freeland compared the presence of Russian officials at meetings to that of an arsonist recruited by firefighters. The war is being waged by economic technocrats as much as by generals, she wrote on Twitter.

Canadian Finance Minister Chrystia Freeland tweeted that Russia's war in Ukraine is being fought “by economic technocrats as much as generals” (Archives).

During the talks that began on Friday, United States Treasury Secretary Janet Yellen condemned Moscow for the innocent lives lost and the human and economic toll the war is taking around the world.

“Russia is solely responsible for the negative fallout on the global economy, especially the rise in commodity prices.

— Janet Yelle, U.S. Secretary of the Treasury

Russian officials reportedly blame Western sanctions on them for worsening inflation and food crises.

Minister Indrawati said the closed-door G20 talks did not include discussion of proposals to cap Russian oil prices, one of Ms. Yellen's main objectives as the United States and its allies seek to limit Moscow's ability to finance its war.

Such discussions would have taken place on the sidelines of the meeting, she explained.

The Bali talks yielded more progress than a previous meeting of G20 finance ministers in Washington last April, when officials from the United States, the United Kingdom, the France, Canada and Ukraine had withdrawn to protest against the presence of Russian representatives. This meeting also ended without the issuance of a joint statement.

We all agreed that we must continue in a spirit of collaboration and multilateralism, said said Minister Indrawati.

The problem of growing debts in countries like Zambia, Myanmar and Sri Lanka was also discussed. The talks focused on a framework to enable creditor and debtor countries to find solutions to help states in need.

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