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G20 finance chiefs to meet in US amid Ukraine crisis
G20 host Indonesia reminds countries to uphold "the spirit of multilateralism" to face looming global economic risks caused by the Russia-Ukraine war and COVID-19 recovery.
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Australia's Treasurer Josh Frydenberg (right) chats with Finance Minister Sri Mulyani Indrawati during their bilateral meeting on the sidelines of the Group of 20 finance ministers and central bank governors meeting in Jakarta on Feb. 17. (AFP/Bay Ismoyo)
Finance chiefs of the Group of 20 major economies are meeting in the United States capital next week to address global economic risks in the forum’s first ministerial-level meeting after Russia’s aggression against Ukraine.
G20 host Indonesia said on Thursday that the Finance Ministers and Central Bank Governors (FMCBG) meeting would focus on the economic risks of the Russia-Ukraine war, soaring worldwide inflation and a global exit strategy that addressed the possible long-term consequences of the COVID-19 pandemic.
“The spirit of multilateralism in the G20 is very important as a crisis responder,” Wempi Saputra, an advisor on macroeconomics and international finance for the finance minister, said in a press briefing.
While attempting to unify global economic recovery efforts among the countries under its leadership, Indonesia faced a major challenge when Russia, a G20 member, invaded Ukraine just a week after the forum's first gathering of finance chiefs in Jakarta.
The military attack has created a rift in the group, with Western countries calling for Russia's ouster.
US President Joe Biden said in late March that Russia should be expelled from the G20 framework as a response to its invasion of Ukraine, and Treasury Secretary Janet Yellen said last week the US would boycott some G20 meetings if Russian officials showed up.
Read also: G20 gives up issuing communique due to split over Russia
