Finance ministers and banks from the Group of 20 (G20) centers will meet in Indonesia to discuss the global impact of Ukraine’s invasion of Russia, which will affect markets and spot inflation.
A two-day meeting is due to take place on the island of Bali, in the shadow of war, a week after G20 foreign ministers clash with Russian chief diplomats who walk out of talks.
High-profile global financial figures, such as US Treasury Secretary Janet Yellen, will discuss recovery from the coronavirus pandemic.
More impact of the war in Ukraine, which threatens a fragile global recovery, will be the main item on the agenda.
Yellen deu or tom nesta quinta-feira to call the war of Russia in Ukraine “the greatest challenge” for the world economy and saying that members of the government of Vladimir Putin do not have a place in the negotiations.
It indicates that “the negative effects of the war are being recorded in all corners of the world, especially in relation to the increase in two energy prices and the growing food insecurity”.
Yellen must pressure her G20 allies to limit the price of Russian oil to suffocate the coffers of the Russian president and pressure Moscow to end the invasion by reducing energy costs.
The talks also show possible disagreements between the world’s leading economies about Russia’s unilateral offensive, while the Minister of Foreign Affairs of Russia, Sergei Lavrov, had been isolated last week.
The Russian Finance Minister, Anton Siluanov, will participate virtually in the ministerial meeting, disseramaautorities, while his Ukrainian colleague, Serhiy Marchenko, will address the colleagues virtually at the beginning of the sixth-feira meeting.
It is unlikely that he will make a final declaration when the reunion ends on a Saturday, due to disagreements over Russia’s role in causing world economic problems.
– Digital inclusion –
Indonesia, which chairs the G20 and follows a neutral foreign policy, avoids suppressing Russia from the forum, despite Western pressure.
The ministers of Italy and Canada will be present in Bali, but the Chinese head of Finance, Liu Kun, will speak virtually, second to the Indonesian state press, as well as the new British minister, Nadhim Zahawi.
The director of the International Monetary Fund (IMF), Kristalina Georgieva, will be present, in order to alert the fourth-fair that the global economic outlook “was significantly obscured” by the Russian invasion.
In the same way, the president of the European Central Bank, Christine Lagarde, will intervene virtually, while the president of the World Bank, David Malpass, will not participate.
O found a prelude to the leadership that the leaders of the G20 held on the Indonesian island in November, which should focus on the economic recovery after the covid-19 pandemic.
More or a muted focus after the Russian invasion, which blocked the ports of Ukraine, one of the world’s two main food producers.
Finance ministers are expected to discuss how to alleviate or impact war-induced supply shortages in poor countries.
Other matters on the agenda are digital financial inclusion, with more than a billion people in the world without access to a bank account, as well as a deadline to reform the rules of an international tax.
An Organization for Economic Cooperation and Development (OECD) will present ministers with an update on how to move without an international tax that will establish a minimum global corporate tax of 15% by 2024, the year after it was originally planned.
The deadline for approving laws that incorporate new regulations was defined by May 2023, according to the OECD.