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The third meeting of the G20 Finance Ministers and Central Bank Governors was held on Friday in Bali, Indonesia, with the main focus being on the economic collapse of the war between Russia and Ukraine.
In the opening remarks, Indonesia’s Treasury Minister Sri Mulyani warns of the consequences of the “catastrophic” crisis and may reach an agreement with the world’s top economies, the G20, to tackle global challenges. I asked.
“We are witnessing a surprising increase in food security risks as a result of war and sanctions in Ukraine and export restrictions.[s] This exacerbates the impact of the COVID-19 pandemic, “she said.
Indrawati said the Ukrainian war and rising commodity prices threatened global microeconomic stability and economic recovery, urging the need for G20 members to “build a bridge between each other.”
“We are keenly aware that the cost of failing to work together is more than we can afford. Humanitarian for the world, especially in many low-income countries. The impact will be catastrophic, “she said.
Her remarks follow last month’s visit to Ukraine and Russia by Indonesian President Joko Widodo, during which he became the country’s “bridge of communication” to resolve disruptions to the global food supply chain. I offered to be.
Some Western ministers have criticized Russian authorities for attending the talks. US Treasury Secretary Janet Yellen said Russia’s “brutal and unjust war” was the cause of the current global economic crisis.
Officials from the United States, the United Kingdom, Canada and Ukraine have completed a session at the last G20 financial summit in Washington to protest the attendance of Russian officials. The April meeting ended without a joint communiqué.
US discusses Russia’s oil price cap
Speak in Press conference Yeren said Thursday that “in every corner of the world” the Russian-Ukraine war has “has been adversely affected,” especially in terms of rising energy prices and rising food insecurity.
“While traveling to this region, and here in Indonesia, we will continue to discuss what we can do together to help people around the world affected by the Russian war,” she said.
“This includes addressing food insecurity and designing and implementing Russian oil price caps.”
Yellen said Russia’s oil price cap has not yet been set, but it will choose “a number that clearly gives Russia an incentive to continue production and benefits Russia’s production.”
“Russia’s oil price limits deny Putin’s war machine’s income needs and allow him to wage war and grow his economy based on the historic sanctions we have already implemented. It will make it more difficult, “she said.
“It also helps maintain a global supply of oil and puts downward pressure on consumer prices in the United States and around the world when energy prices are skyrocketing.”
Reuters contributed to this report.
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Aldgra Fredly is a Malaysia-based freelance writer featuring the Asia-Pacific news of the era.
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