British PM to Urge G20 Leaders to Address Global Economic Instability

Jakarta: British Prime Minister Rishi Sunak is set to call for coordinated global action to address international economic instability and the rising cost of living when he attends the G20 Summit in Indonesian province of Bali this week.
 
The meeting in Indonesia comes as countries around the world face huge economic difficulties, caused or exacerbated by Russia's invasion of Ukraine.
 
"Addressing the biggest economic crisis in a decade will require a concerted effort by the
world’s largest economies – these are not problems we can solve alone," the Prime Minister said in a media release on Monday. 

"At the G20, leaders need to step up to fix the weaknesses in the international economic system which Putin has exploited for years," he added.
 
Ahead of this week’s summit the Prime Minister has set out a five-point economic action plan for leaders to address the current global instability, covering changes to the global energy market, international food supply and the world financial system. 
 
Under the five-point economic action plan, the Prime Minister will call on fellow leaders to:
1. Direct government support to where it’s most needed. 
2. End the weaponisation of food production and distribution. Taking immediate action to
support the global food trade to reduce the cost of living for all and save the lives of those at
risk of starvation. This includes calling for the Black Sea Grain Initiative to be renewed and a G20-wide commitment never to weaponise food production and
distribution.
3. Strengthen energy security and reduce energy dependence on Russia. 
4. Open up global trade. This includes by advancing bilateral free trade agreements and
through reform of the World Trade Organization. 
5. Providing honest, reliable finance to help developing countries grow sustainably.
Ensuring that the international financial system has the firepower needed to help developing
countries grow without becoming dependent on their lenders. This includes rapid action to
help poor countries better manage their debt burdens and providing an alternative to
developing countries borrowing from exploitative sources. 
 
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