At a two-day meeting in Indonesia, the finance ministers of the Group of 20 major nations promised to address global food hunger and mounting debt, but achieved few significant policy advancements due to disagreements over Russia’s conflict in Ukraine.
U.S. Treasury Secretary Janet Yellen said the differences had prevented the finance ministers and central bankers from issuing a formal communique but that the group had ‘strong consensus’ on the need to address a worsening food security crisis. She added that concerns were growing about the effectiveness of the G20 in addressing the world’s major problems.
A chair’s statement will be released by the host nation, Indonesia. Most themes were agreed upon by all members, according to Finance Minister Sri Mulyani Indrawati, with the exception of specific declarations regarding the conflict in Ukraine. She said that it was the ‘best outcome’ that the group could have had from this meeting.
Russia, which claims to be carrying out a ‘special military operation’ in Ukraine, is subject to severe sanctions from Western nations. Other G20 countries, such as South Africa, China, and India, have reacted less strongly.
Yellen acknowledged that the fact that Russia is a member of the G20 and disagrees with the rest of us on how to describe the war presents a challenge, but emphasised that this should not stand in the way of progress on crucial global concerns.
The meeting was attended in person by the deputy finance minister of Russia and virtually by the finance minister. Virtually speaking, the finance minister of Ukraine demanded ‘more harsh targeted sanctions.’
Post Your Comments