The meeting of G20 finance ministers and central bankers in Jakarta began with an warning from Indonesia that the crisis in Ukraine threatens economic recovery from the pandemic.
The G20, which brings together the world’s largest economies, including the United States and China, has gathered for two days of talks in Jakarta. The meeting is organized in a hybrid format, with participants participating in person and remotely.
The meeting was originally scheduled to take place in Bali, but was relocated to the Indonesian capital due to an outbreak of the coronavirus omicron.
Opening the meeting, Indonesian President Joko Vidodo warned of the risks that the Ukrainian crisis poses to the global economy.
Washington estimates that Russia has pulled in about 130,000 troops from Ukraine’s borders. Despite this concentration of forces, Russia says it does not intend to attack Ukraine and accuses the West of causing panic.
The West has announced that Russia will face extensive economic sanctions if it intends to attack Ukraine.
“This is not the time for rivalries and new tensions that are hampering (…) recovery, let alone threatening global security, as is happening in Ukraine,” Vidodo said.
“All sides must end competition and tension,” the Indonesian president said.
In an interview with AFP before the G20 meeting, US Finance Minister Janet Yelena warned of further “global impact” if the West moves forward with sanctions against Russia over the crisis in Ukraine.
The meeting will also discuss high global inflation, with central banks raising rates and withdrawing the huge stimulus provided during the pandemic.
Debt restructuring in poor countries and the reform of global health systems will also be discussed.
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