NUSA DUA, (Indonesia): G20 finance leaders meeting in Bali must make progress tackling the global economic threats sparked by Russia’s war in Ukraine or the humanitarian consequences would be catastrophic, host Indonesia said on Friday.
Some Western ministers blasted Russian officials attending the talks, with US Treasury Secretary Janet Yellen saying Russia’s “brutal and unjust war” was solely responsible for the economic crisis the world now faces.
Russia’s invasion of Ukraine, which the Kremlin calls a “special military operation”, has overshadowed recent G20 meetings, including last week’s gathering of foreign ministers.
Host Indonesia’s Finance Minister Sri Mulyani Indrawati said the world had high hopes the G20 could find a solution to the threat of war, rising commodity prices and the spillover effects on the ability of low-income countries to repay debt.
“We are acutely aware that the cost of our failure to work together is more than we can afford. The humanitarian consequences for the world, and especially for many low-income countries would be catastrophic,” she said.
G20 members include Western countries that have imposed sanctions on Russia and accuse it of war crimes in Ukraine – which Moscow denies – as well as nations like China, India and South Africa, which have been more muted in their response.
Sri Mulyani urged members to “build bridges between each other” to deliver more technical decisions and concrete action.
She also called for a joint forum involving G20 finance and agriculture ministries to come up with concrete action to tackle growing food insecurity and a looming fertilizer supply crisis.
Indonesia’s G20 deputy for finance, Wempi Saputra, told Reuters Friday’s discussions were productive and members did not walk out during Russia’s address as they have done previously.
Russian Deputy Finance Minister Timur Maksimov addressed the meeting in person, while Russian Finance Minister Anton Siluanov was participating virtually, a source familiar with the matter said.
“It’s no secret that there were very frank statements being made (in the meeting), yet what matters is we are at the moment of enormous distress and disruption in our global economy as well as our geopolitical context,” Achim Steiner, UNDP administrator, who attended one of the sessions, told Reuters.
Wempi said the group is still discussing the possibility of issuing a communique for this meeting.