G20 finance meeting expected to conclude without communique: sources

G20 finance meeting expected to conclude without communique: sources

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

Sri Mulyani had hoped delegates could bridge their differences over the war to jointly address rising commodity prices, an escalating food-security crisis and the spillover effects on the ability of low-income countries to repay debt.

That proved too difficult in the current climate, with Western countries enforcing strict sanctions on Russia and accusing it of war crimes in Ukraine that Moscow has denied.

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

Western sources warned earlier in the week it would be difficult to agree on a communique because the body works on the basis of consensus and Russia had blocked language about the cause of the economic downturn that has prompted the World Bank and International Monetary Fund to downgrade growth forecasts.

“The G20’s capacity to act and communicate is very strongly hindered by the war in Ukraine, which one of the G20 members is fully responsible for,” 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.

Reuters

Reuters

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