Business & Economy

Several G20 members condemn Russia for setback to global economy

Jakarta, Jul 17 (EFE).- Several members of the G20 – a group of major industrialized and emerging countries – have underlined that Russia’s war against Ukraine has slowed the recovery of the global economy causing a setback.

This was 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 and chair of the group this year.

The text, prepared by Indonesia in the absence of a joint communiqué because of the differences between the members of the G20 on the impact of the Russian invasion of Ukraine on the global economy, which has been facing high inflation as well as a food and energy crisis.

“Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russia’s war against Ukraine, which was strongly condemned,” read the G20 Chair’s summary.

“Members noted that existing challenges have been exacerbated, including supply-demand mismatches, supply disruptions, and increased commodity and energy prices, which have added to rising inflationary pressures and contributed to the increasing risk of food insecurity,” it added.

Indonesia’s Finance Minister Sri Mulyani Indrawati said Saturday at the conclusion of the meetings, which were also attended by a Russian delegation, that every country had a position that could not be reconciled, and they wanted to express it, particularly on the Ukraine war.

The sessions began on Friday in a hybrid format – face-to-face and virtually -, focusing on issues such as rising food and energy prices, mechanisms against future pandemics, and climate change, on which there was more consensus.

Despite the lack of a joint communiqué, the minister said that significant progress was made, especially regarding discussions on climate change, the mechanisms for preventing future pandemics, and proposals to alleviate food insecurity.

The G20 consists of Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, United States, France, India, Indonesia, Italy, Japan, Mexico, The United Kingdom, Russia, South Africa and Turkey, plus the European Union.

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 were Spain, the Netherlands, Fiji, Cambodia, Rwanda, Senegal, Singapore and the United Arab Emirates.

The next G20 Finance meeting will take place in October in Washington, which already hosted one in April in which once again a consensus was not reached due to divisions over Ukraine. EFE


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