Bisnis.comJAKARTA – The Second Meeting of Finance Ministers and Central Bank Governors (FMCBG) of Indonesia’s G20 Presidency brought together 20 member countries, including Ukraine as a guest country.
Ministry of Finance Sri Mulyani Indrawati said the meeting held in Washington was a difficult situation as the war between Russia and Ukraine was still ongoing and its impact was felt by many countries.
During the meeting, G20 member countries expressed concern over the humanitarian crisis, as well as the economic and financial impact of the war.
“Members share the view that war and related actions have and will continue to hamper the process of global economic recovery, raising particular concerns about food security and energy prices,” Sri Mulyani said. during a press conference, Thursday (21/4/2022).
In this case, vulnerable and low-income countries will be particularly affected as they already face the challenges of limited fiscal space and high debt vulnerabilities.
Member countries said Sri Mulyaniemphasizing the important role of the G20 as the primary forum for international economic cooperation in addressing today’s diverse and complex global economic challenges.
Member States also support the adaptation of programs to address the economic impacts of war, while maintaining their commitment to addressing pre-existing global challenges and returning the world to strong, sustainable, inclusive and balanced growth.
The current war, he added, has made global economic growth and recovery much more complex and undermined global efforts to deal with pandemics, high debt and adaptation to climate change.
The meeting also highlighted growing inflationary pressures in many countries and prompted central banks to tighten liquidity faster than expected.
More difficult policy levels will be targeted in line with the commitment of G20 countries to properly calibrate, plan and communicate policies to support economic recovery.
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