G20 Finance Leaders Seek Agreement to Address Challenges to Global Economy

The third G20 Finance Ministers and Central Bank Governors conference got underway on Friday in Indonesia's Bali resort island. The goal of the gathering was to discuss how to address threats to the world economy brought on by the ongoing war between Russia and Ukraine.

In her opening remarks, which were also virtually broadcast, Indonesian Finance Minister, Sri Mulyani Indrawati, urged G20 members to take concrete steps based on the spirit of cooperation and collaboration to address the world's challenges and support low-income nations amid skyrocketing food and energy prices.

"We are acutely aware that the cost of our failure to work together is more than we can afford. The humanitarian consequences for the world, and especially for many low-income countries, would be catastrophic," Indrawati said.

He also mentioned seven priorities and legacy agendas within the G20 Financial Track, including disruptions in the global supply chain and rising commodity prices, revitalisation of the global health architecture, debt management for underdeveloping countries, policy normalisation (exit) strategies and cross-border payments, sustainable finance and green instruments, infrastructure development, and international taxation.

According to a joint press release issued by Indonesia's Central Bank, Bank Indonesia, and the country's Finance Ministry, the high-level meeting was attended by the largest number of foreign delegations during Indonesia's G20 Presidency, with 17 Finance Ministers and 10 Central Bank Governors, as well as 407 foreign delegations in person and 120 online.

Source: Business Standard

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