G-20 finance chiefs will not issue statement after April 20 meeting – Kyodo News Plus

Finance chiefs from the Group of 20 economies have decided not to issue a joint statement after their April 20 meeting amid conflicts over Russia’s participation in the event following its invasion of Ukraine, sources familiar with the matter said Monday.

The G-20 finance ministers and central bank governors are instead considering having Indonesia, this year’s rotating chair of the group, release the results of discussions at the meeting in Washington, the sources said.

Indonesian President Joko Widodo delivers a video speech at a meeting of Group of 20 finance chiefs on Feb. 17, 2022. (Photo courtesy of the National Committee for the Indonesian G20 Presidency)(Kyodo)

In response to Moscow’s aggression, U.S. President Joe Biden has said he believes Russia should be removed from the G-20. Some other members also aired concerns over the country’s participation in the framework.

It is expected that Indonesia will not bar Russia from the meeting, and the country may attend virtually. But members opposed to Russia’s participation might decide to forego the gathering.

Japan’s Finance Minister Shunichi Suzuki and Bank of Japan Governor Haruhiko Kuroda are expected to attend the meeting.

As for the globally surging energy prices and food costs exacerbated by the ongoing invasion of Ukraine, a statement is expected to be issued at a meeting related to the International Monetary Fund to be held after the G-20 gathering.

The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.

The G-20 was formed in 1999 to discuss policies to achieve international financial stability after the Asian currency crisis that started with the collapse of the Thai baht.

After a global financial crisis sparked by the failure of U.S. securities firm Lehman Brothers Holdings Inc. in 2008, leaders of the G-20 member nations began to hold summits.

On Feb. 18, about a week before Russia started its attack on Ukraine, the G-20 financial leaders said they will “continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities,” without directly mentioning the Ukraine crisis.

Related coverage:

Putin to attend G-20 summit in Indonesia: Russian envoy

G-20 finance chiefs vow to watch geopolitical risks, act on inflation

G-20 leaders set vague mid-century target for net zero emissions

(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); = id; js.src = " fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

Next Post