G20 finance ministers and central bank governors kicked off a two-day meeting in Indonesia on Thursday with warnings that the crisis in Ukraine threatens post-pandemic economic recovery.
“This is not the time to see rivalries and create new tensions that could harm the world recovery, let alone endanger world security, as is happening today in Ukraine,” Indonesian President Joko Widodo, host of the meeting, said in the speech. of opening.
To help with the economic recovery, Widodo called for “synergy and collaboration”.
Almost half of the delegates from the 20 largest economies in the world will participate virtually in the event. The face-to-face meeting was moved from Bali to the capital, Jakarta, as Indonesia faces a growing wave of contagions from the omicron variant of the coronavirus.
The countries intend to stimulate economic recovery and control a new pandemic wave.
Discussions will address the risks associated with rising inflation in some countries and the need for a smooth “exit strategy” from compliant monetary policy in developed countries to avoid the negative effect on developing countries.
“With the recovery underway, some countries are moving towards policy normalization before others. The adjustment of its monetary policy, along with the withdrawal of stimulus, will shape the future world economy,” said Perry Warjiyo, President of the Indonesian Central Bank.
“This could potentially create less favorable global financial conditions and cause capital outflows from emerging markets,” he warned.
Debt relief for poor countries, tax reform and the organization and financing of the international health system will also be on the agenda.
US Treasury Secretary Janet Yellen called for advances in the debt of poor countries and “a more active participation by China”, one of the biggest creditors, in an interview with AFP.
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