The third G20 Finance Ministers and Central Bank Governors meeting began on Friday in Indonesia’s Bali resort island, with the finance leaders seeking ways to tackle global economic threats impacted by the ongoing Russia-Ukraine conflict.


In the opening remarks, which were also broadcasted virtually, Indonesian Finance Minister Sri Mulyani Indrawati called on G20 members to go further by taking concrete actions based on the spirit of cooperation and collaboration to address the global challenges and helping low-income countries facing soaring prices in food and energy, Xinhua news agency reported.


“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, which comprise global supply chain disruptions and rising commodity prices, revitalisation of the global health architecture, debt management for poor 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 of Indonesia’s Central Bank, Bank Indonesia, and the country’s Finance Ministry, the high-level meeting was attended by the largest number of delegations of Indonesia’s G20 Presidency, with 17 Finance Ministers and 10 Central Bank Governors, as well as 407 foreign delegations, attending in person, while another 120 attending online.


–IANS


int/khz/


 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor