JakartaPost-Apr 22, 2022
Finance Minister Sri Mulyani Indrawati is putting on a brave face in her Group of 20 (G20) leadership role amid geopolitical tensions, stressing that more multilateralism and cooperation are needed to safeguard the global economic recovery. Briefing journalists after the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, which saw representatives of the United States, the United Kingdom and Canada walk out in protest over Russia’s invasion of Ukraine, Sri Mulyani noted that sanctions imposed in response to the Ukraine war were exacerbating risks to the world economy. “Some members expressed concerns about the economic consequences of the sanctions. Members share the view that the war and the associated action have and will continue to hinder the global economic recovery process,” Sri Mulyani said on Thursday. Sri Mulyani says The geopolitical tension has meant many G20 members face a perfect storm as the economic recovery remains fragile while they face increasing prices for energy, food, fertilizer and raw materials, including mineral commodities. Low-income and vulnerable countries will be particularly affected given their limited fiscal space and high debt vulnerability, said the minister, who in the past served as managing director of the World Bank. G20 members had expressed deep concerns about humanitarian crises and the economic and financial impacts of the war and called for an end to the war as soon as possible. Read more at: https://www.thejakartapost.com/paper/2022/04/21/ri-calls-for-g20-unity-as-us-uk-snub-russia.html.
