The Prime Minister stated in a pre-recorded video address at the start of the two-day summit that many nations, particularly emerging economies, are still dealing with the aftereffects of the Covid-19 outbreak, which dealt a “once-in-a-century” blow to the world economy.
Prime Minister Narendra Modi said Friday that trust in international financial institutions has eroded “partly because they have been tardy to reform themselves,” citing the threat to many countries’ financial viability posed by unsustainable debt levels. Modi urged the “custodians of the world’s top economies and monetary systems” to “bring back stability, trust, and growth to the global economy” at the inaugural meeting of Finance Ministers and Central Bank Governors under India’s G20 Presidency.
The Prime Minister stated in a pre-recorded video address at the start of the two-day summit that many nations, particularly emerging economies, are still dealing with the aftereffects of the Covid-19 outbreak, which dealt a “once-in-a-century” blow to the world economy.
“We are also experiencing escalating geopolitical tensions in different parts of the world. Global supply chains are being disrupted. Rising prices are causing hardship in many civilizations. Furthermore, food and energy security have emerged as key global concerns. Unsustainable debt levels endanger many countries’ financial sustainability,” he added.
(According to the Associated Press, US Treasury Secretary Janet Yellen decried the “illegal and illegitimate war against Ukraine” during a meeting attended by Russian officials, and urged G20 nations to do more to support Ukraine and thwart Moscow’s war effort.)
“I urge the Russian officials here at the G20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities,” Yellen said. “They bear responsibility for the lives and livelihoods being taken in Ukraine and the harm caused globally.”
Yellen and British Treasury director Jeremy Hunt met on the G20 sidelines and criticized the war, saying they were working together to cope with the problem. According to remarks released by US Treasury officials, Hunt applauded efforts to assist Ukraine.
“We are pleased that there is such unity among democracies that this cannot be allowed to happen. We don’t think the job is by any means done,” he said.
“There is no choice between whether we focus on Ukraine or focus on other vital global issues like climate change. “In the end, there can be no progress in these other areas unless we address global security issues,” Hunt added.
“In Bali, top-level leaders resolved on strong condemnation of Russia’s terrible act, and as finance ministers, we 6must stick to it,” French Finance Minister Bruno Le Maire told reporters at a news conference. He threatened to leave if the meeting did not take a firm stance against the war.
The text of a statement set to be delivered Saturday when the negotiations conclude was clearly still being debated, even as other groups, such as the Group of Seven, prepared to announce further penalties against Russia.) READ MORE