G20 Finance Ministers, Central Bank Governors Expect Ukraine War to Hinder Global Recovery

Washington DC: On Wednesday, the G20 Finance Ministers and Central Bank Governors have finished their second meeting under the Indonesia Presidency. 
 
The Meeting was attended by G20 members, invitee countries, including Ukraine as well as international and regional organizations. 
 
In this meeting, the Finance Ministers and the Central Bank Governors continued the discussion on the agenda of the previous meeting in February 2022 in Jakarta, namely 1) the global economy and its risks; 2) global health issues; 3) international financial architecture, and 4) sustainable finance.

"On the war in Ukraine, the G20 members are deeply concerned about the humanitarian crisis and the economic impact," Indonesian Finance Ministry and Bank Indonesia (BI) said in a joint press release on Wednesday.
 
"In addition, the G20 members shared a mutual view that the war and its all related actions had and will further hinder the global recovery process, in which low-income and vulnerable countries will be affected as they are already facing unresolved challenges, such as limited access to vaccines, limited fiscal space and high debt vulnerability. At the end of the day, countries around the world have to pay for the high cost of this war," they stated.
 
As the current G20 Presidency, Indonesia maintained open dialogues to reach consensus on critical issues affecting economic stability and growth. 
 
To achieve this, Indonesia adopted a number of procedures that have been agreed upon since the previous presidencies. 
 
"In this regard, Presidency have an obligation to invite all G20 members to attend the meetings and have effective discussions to find solutions," they stated.
 
"Indonesia has received full support from members to work together to overcome global challenges, while still carrying the main agenda of the Indonesian Presidency, Recover Together, Recover Stronger. In the spirit of multilateralism, the members were able to reach a consensus at the second FMCBG meeting today," they added.
 
The G20 Finance Ministers and Central Bank Governors will continue the dialogue at the Third Meeting, which will be held in Bali on 15-16 July 2022.
 
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