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Indonesia stresses need for cooperation in global economic recovery
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Indonesia’s Finance Minister Sri Mulyani addresses the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Washington, US, on April 20, 2022. She reminds G20 countries about the critical role of multilateralism to mitigate economic risks caused by Ukraine war. (Courtesy of Finance Ministry/-)
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.
Read also: Walkout by US, others did not derail G20 meeting's focus, 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, she said, adding: “Many members condemned the war as unprovoked and unjustifiable and a violation of international law.”
