G20 CFOs call for focus on global recovery goals; Official announcement unlikely By Reuters

By Andrea Shalal and Fransiska Nangoy

NUSA DUA, Indonesia (Reuters) – Indonesia on Saturday urged G20 financial leaders to stay focused on global economic recovery goals, but sources said the Bali meeting is likely to end ended without an official announcement as Russia’s war in Ukraine continued to divide the group. .

Indonesian Finance Minister Sri Mulyani Indrawati, who hosted the two-day event, is expected to issue a chairman’s statement summarizing the meeting’s events, two sources familiar with the matter said.

“We don’t expect a joint statement,” one source said.

Senior Western officials, including US Treasury Secretary Janet Yellen and Canadian Finance Minister Chrystia Freeland, on Friday condemned the war and criticized Russian officials for the massive economic slowdown caused by caused by war.

Ukraine’s Finance Minister Serhiy Marchenko, who spoke before the meeting, called for “more severe targeted sanctions” against Russia for its invasion of Ukraine. What the Kremlin calls a “special military operation” has overshadowed recent G20 meetings, including last week’s meeting of foreign ministers.

Indonesia’s central bank governor Perry Warjiyo on Saturday said members held productive discussions but the G20 must deliver concrete results to support the global economy.

“It is important that we continue to focus on what we have planned to achieve this year, as this will also send a positive message to the global community about the role of the G20 and its efforts. support for the global recovery,” Warjiyo said as he opened the second day. of meetings.

Sri Mulyani had hoped the delegates could bridge their differences in the fight to jointly tackle the issue of rising commodity prices, the escalating food security crisis and the spillover effects on the debt repayment in low-income countries.

That proves too difficult in the current context, with Western countries enforcing strict sanctions against Russia and accusing it of war crimes in Ukraine, which Moscow has denied.

Other G20 nations, including China, India and South Africa, have been more muted in their response.

Western sources warned earlier this week that it would be difficult to agree a statement because the body works by consensus and Russia has blocked language on the cause of the economic downturn that has prompted the World Bank and the International Monetary Fund downgraded growth. forecast.

“The G20’s ability to act and communicate is greatly hampered by the war in Ukraine, for which one of the G20 members bears full responsibility,” a French finance ministry source said.

The group on Saturday will discuss post-pandemic financial stability, crypto assets, and climate-related financial risks, among other topics.