G20 financial leaders seek consensus to overcome global economic threats

The third meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) kicked off on the Indonesian resort island of Bali on Friday, as financial leaders seek ways to address global economic threats affected by the ongoing conflict between Russia and Ukraine.

In the keynote address, which was also streamed virtually, Indonesian Finance Minister Sri Mulyani Indrawati called on G20 members to go further by taking concrete steps based on the spirit of cooperation and collaboration to address global challenges and help low-income countries facing soaring prices. in food and energy.

“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.

Indrawati also mentioned seven priorities and programs inherited from the G20 Financial Track, which include global supply chain disruptions and rising commodity prices, revitalizing the global health architecture, managing the debt of poor countries, policy normalization (exit) strategies and cross-border payments, sustainable finance and green instruments, infrastructure development and international taxation.

According to a joint press release by the Central Bank of Indonesia, Bank Indonesia and the country’s Ministry of Finance, the high-level meeting was attended by the largest number of Indonesian G20 Presidency delegations, with 17 finance ministers and 10 central bank governors, as well as 407 foreign delegations, attending in person, while another 120 participated online.