Last day of G20 finance ministers’ meet begins amid doubts over consensus

Jakarta, Jul 16 (EFE).- The last day of the meeting of the G20 finance ministers and central bank governors began Saturday in Bali, Indonesia, amid doubts about reaching a final consensus on the joint statement regarding the economic challenges due to the war in Ukraine.

The meeting sessions, which began Friday, take place in a hybrid format – face-to-face and virtual assistance -, focusing on issues such as the rise in food and energy prices as a result of the Russian invasion of Ukraine, mechanisms against future pandemics and climate change.

“I certainly hope that our discussion on this second day continues to uphold the high spirit of collaboration,” Bank Indonesia Governor Perry Warjiyo remarked at the start of the day’s discussions.

However, on Friday sharp differences were visible as the G20 lay divided into two groups over the Russian invasion of Ukraine, with the United States and its allies on side and Russia and China and theirs partners on the other.

In this regard, there are doubts over an agreement over a final statement at the conclusion of the meet, as Indonesia – the host nation this year – tries to mediate between Russia and Ukraine in order to find solutions to a war that has repercussions throughout the planet.

In the absence of consensus, as was the case at the meeting of foreign ministers on Jul.7-8, owing to divisions over the Ukrainian conflict, Indonesia’s Finance Minister Sri Mulyani Indrawati is expected to issue a communiqué from the host party summarizing the talks held.

The minister warned on Friday that the world faces a triple threat from the war in Ukraine, rising energy prices and global inflation.

She added that about 60 percent of lower-income economies have problems paying off their external debts, and that the problem also threatens developing and even high-income countries.

The problem of hunger now affects 276 million people compared to 135 million before the Covid-19 pandemic, while the price of crude oil has risen by 35 percent, and gas by 60 percent for gas between April 2020 and April 2022.

The G20 consists 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, Turkey, and the European Union.

Among the countries invited this year are Spain, the Netherlands, Fiji, Cambodia, Rwanda, Senegal, Singapore and the United Arab Emirates. EFE


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