Several states of the G20, the group of the largest industrialized and emerging countries, “agree that Russia’s war against Ukraine has slowed the recovery of the global economy which, consequently, faces a severe setback”, after a meeting of the group in Bali (Indonesia).
So says the final summary of the meeting between the finance ministers and central bank governors of the G20, held on Friday and Saturday on the island of Bali, according to a statement released early Sunday by Indonesia, the host country as president of the group this year.
According to the text prepared by Indonesia, a joint statement would not have been achieved due to the differences between the members of the G20 -to which Russia, China and India belong, among others- on the impact of the Russian invasion of Ukraine on the global economy, in the midst of inflationary pressure and in the face of the food and energy crisis.
“Many members – adds the summary – have considered that the current challenges have been exacerbated, including imbalances in supply and demand, and the increase in the price of raw materials and energy, which have aggravated inflationary pressure and contributed to the risk of food security“.
On the other hand, add the text without giving more details, “one member has expressed that the sanctions (against Russia for its invasion of Ukraine) are getting worse current challenges”.
Indonesian Finance Minister Sri Mulyani Indrawati said on Saturday at the end of the meetings, which were also attended by a Russian delegation, that “every country has a position that cannot be reconciled, and they want to express it, particularly on the (Ukrainian) war.
(You can read: The European war project and the great paradigm shift for the EU).
The sessions began on Friday in a hybrid format (with face-to-face and virtual assistance), focusing on issues such as the rise in the price of food and energy, mechanisms against future pandemics or climate change, issues, the latter, in which yes there was more consensus.
Despite the lack of a joint statement, the minister assured that “concrete achievements” were obtained, especially in relation to discussions on climate change and prevention mechanisms for future pandemics, as well as proposals to alleviate food insecurity.
The G20 is made up of Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia, South Africa, and Turkey. plus the European Union. Among the invited countries are Spain, the Netherlands, Fiji, Cambodia, Rwanda, Senegal, Singapore and the United Arab Emirates. The next Finance meeting of the G20 will take place in October in Washington, which already hosted one in April in which no consensus was reached either due to the divisions over Ukraine.
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