BALI: The Group of 20 major nations’ two-day conference of finance ministers came to a close on Saturday in Bali, Indonesia, without issuing a common statement due to disagreements over Russia’s conflict in Ukraine.
The finance chiefs discussed ways to address the food and energy crises while accusing Russian technocrats of making matters worse during discussions on the Indonesian tourist island of Bali.
On Friday, Canadian Finance Minister Chrystia Freeland, Australian Treasurer Jim Chalmers, and US Treasury Secretary Janet Yellen all attributed the collapse of the world economy to the invasion of Ukraine. The G20 chair’s finance minister, Sri Mulyani Indrawati, stated in her concluding remarks that Indonesia would make a 14-paragraph statement in place of a formal communique.indicated that although there was agreement on the majority of the text, two paragraphs will be devoted to members’ differing views on the effects of the conflict and appropriate responses. I believe this to be the finest outcome, she said. On Saturday, members also talked about international taxation, cryptocurrency, and sustainable finance.
Mulyani claimed that “progress” has been made toward the establishment of a global minimum corporate tax rate of 15% by 2024.
The governor of Indonesia’s central bank, Perry Warjiyo, urged ministers and representatives of the world’s financial community to focus on the recovery of the world economy, which was still reeling from the Covid-19 pandemic, at the start of the second day of negotiations.The IMF cut its prediction for global growth before the conference, and another cut is anticipated this month as US inflation fuels worries about a recession.
The Ukraine conflict, which shook up the world markets, increased food prices, and fueled rapid inflation, has overshadowed the talks, though.
The Kremlin refers to the conflict as a “special military operation” and attributes the disruption of food shipments and the increase in energy costs on Western sanctions in retaliation. Virtual attendees included Ukrainian Finance Minister Serhiy Marchenko and Russian Finance Minister Anton Siluanov.
