Several countries of the G20, the group of the largest industrialized and emerging countries on the planet, “agree that Russia’s war against Ukraine has slowed down the recovery of the global economy, which consequently faces a severe setback”, says the statement issued early this Sunday (1707.2022) after a meeting of finance ministers and presidents of central banks of the group in Bali.
The text was prepared by Indonesia, which organized the event, as a joint statement was not achieved due to the differences between the members of the G20 – to which they belong, among others, Russia, China and India – on the impact of the Russian invasion in Ukraine in the global economy, in full inflationary pressure and in the face of the food and energy crisis.
According to the statement, several states condemned the hostilities and stressed the need to end the war. “The problems have been aggravated due to a lack of balance between supply and demand, interruptions in exports and the increase in prices,” says the text, which also highlights the increase in food and energy insecurity, which ” It disproportionately affects vulnerable groups to a greater extent.
Without giving more details, the document adds that “one member has expressed that the sanctions (against Russia for its invasion of Ukraine) are worsening the current challenges.” The participants failed to issue a joint statement due to “different positions on how to deal with global economic challenges, especially regarding rising prices.
Indonesian Finance Minister Sri Mulyani Indrawati said after the meetings on Saturday that “every country has a position that cannot be reconciled, and they want to express it, particularly on the (Ukraine) war.” Despite this, she assured that “concrete achievements” were obtained, especially in relation to discussions on climate change and mechanisms to prevent future pandemics, as well as proposals to alleviate food insecurity.
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.