G20 finance ministers meeting, no joint statement again

G20 finance ministers meeting, no joint statement again

G20 finance ministers meeting 2022: [Bali (Central Indonesia) = The meeting of G20 finance ministers and central bank governors jointly took place on the 16th not to fill the gap in response to Russia’s attack on Ukraine. It closed without making any statement.

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As the world economy is facing rapid inflation (rising prices) and food crisis, no concrete measures can be taken. With each country’s policy interest rates rising, there are growing concerns about a slowdown in the economy. Postponing a joint statement after the last meeting in Washington in April is certainly a criticism of the G20’s laxity.

G20 finance ministers meeting

According to a source, Russia and China opposed the joint statement. In a press conference after the meeting, Treasury Minister Suzuki alleged that “Russian aggression made constructive discussions difficult.”

Western developed countries

In the meeting, Western developed countries such as Japan, America and Europe criticized this attack one after the other. The United States, Europe and Canada left the meeting at the behest of Russia at the last meeting in April, but this time they stayed at the meeting place. Some emerging economies have avoided explicit criticism of Russia.

Meanwhile, the meeting shared concerns about the importance of responding to inflation and food shortages, as well as the negative effects of extreme volatility in the foreign exchange market, such as a sharp appreciation of the dollar against national currencies. They also agreed to cooperate with low- and middle-income countries in supporting measures against the new coronavirus.

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