Sri Mulyani Indrawati, Minister of Finance of Indonesia, during his speech at the G20 Finance in Bali, July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)
Western moneymakers on Friday condemned Russia’s invasion of Ukraine at a G20 meeting in Indonesia and accused its economic leaders of creating a “shock wave” in the global economy.
The two-day meeting of finance ministers and central bank governors is being held on the island of Bali, a week after that of foreign ministers, who sent a salvo of accusations about the war to the leader of the Russian diplomacy Sergei Lavrov.
This week’s meeting has resulted in a new confrontation between Westerners, who denounce Moscow’s responsibility for economic problems, and Russia, which blames Western sanctions for all evil.
“There was a very broad denunciation of the war and its consequences”, while “Russia tried to say that the world economic situation had nothing to do with the war”, a source told AFP. within the French delegation. But the invasion of Ukraine has been shown to have “derailed growth”, “exacerbated inflationary pressures and endangered food security”, according to this source.
Janet Yellen and Senegalese Economy Minister Amadou Hott during a G20 Finance conference in Bali on July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)
“Russia’s unwarranted war on Ukraine has sent shockwaves through the global economy, with rising commodity, food, fertilizer and energy prices” that make more people hungry,” US Treasury Secretary Janet Yellen said at a conference.
“It was Russia’s invasion that undermined food and energy security, not sanctions, and Russia must take full responsibility for that,” Australian Economy Minister Jim Chalmers said, according to a statement. text seen by AFP.
– Responsibility in war –
Canadian Finance Minister Chrystia Freeland, who has Ukrainian roots, accused the Russian delegation of being responsible for “war crimes” given its support for the invasion of Ukraine, according to a Canadian official.
“It’s not just the generals who commit crimes, it’s the technocrats of the economy who make war possible and enable it to continue,” she said.
Australian Economy Minister Jim Chalmers, Australian Central Bank Governor Philip Lowe and his Indian counterpart Shaktikanta Das at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/MADE NAGI)
Janet Yellen also stressed that “Russian officials must recognize their role in the terrible consequences of this war by their prolonged support for the Putin regime”, according to a US Treasury official.
Russian Finance Minister Anton Siluanov was not present but spoke via video link. Russia was represented by Deputy Finance Minister Timur Maximov and Elizaveta Danilova, an official from Russia’s central bank.
Ukrainian Minister Sergei Marchenko was also invited to speak online from Ukraine and called for “tougher sanctions” against Moscow.
“Russia forces the United Nations and the IMF to find ways to save African countries from hunger”, the Europeans to slow down inflation and “the United States to seek a solution for energy security in the world”, he pointed out.
Sri Mulyani Indrawati, Minister of Finance of Indonesia, the host country, had urged the leaders of the G20 to unite and act in the face of the food and energy crises whose consequences could be “catastrophic”.
“The world is watching us”, “the price of a failure to agree is higher than what we can afford”, warned the minister. “The humanitarian consequences for many low-income countries would be catastrophic.”
Indonesian Finance Minister Sri Mulyani Indrawati and US Secretary Janet Yellen at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/MADE NAGI)
Discussions were initially expected to focus on how best to encourage a return to growth after the Covid-19 pandemic, but it is the impact of the war in Ukraine, with the food and energy crises, that is now in top priority.
“Putin’s actions, including the destruction of agricultural infrastructure, the theft of grain and agricultural equipment and a de facto blockade of Black Sea ports, amount to using food as a weapon of war,” Janet Yellen lamented during the course. of a conference.
Janet Yellen had participated in a boycott of the G20 meeting in April when Russian officials spoke in Washington. And the meeting ended without a final communiqué.
In the absence of a consensus between the countries on the causes of the current economic problems, the publication of a press release is again unlikely, but the West has chosen this time to reply to Moscow.
– Many absent –
Indonesia, host country of the G20 this year, wanted to remain neutral and did not give in to Western pressure to keep Russia out of the meetings.
International Monetary Fund Managing Director Kristalina Georgieva at the G20 Finance in Bali on July 15, 2022 (POOL/AFP/SONNY TUMBELAKA)
But the host country struggled to get a full round of funding, with many officials absent.
European Central Bank (ECB) President Christine Lagarde participated virtually in the event and “explained the ECB’s views on growth and inflation in the eurozone, more impacted by the war in Ukraine than most. other parts of the world,” according to a G20 source.
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on Friday called on governments to target their aid measures on the most “vulnerable” populations in the face of “an unprecedented combination of shocks”. She had warned before the meeting of a “darkening” global economic outlook.
This meeting is a preparatory stage for the G20 Heads of State summit to be held in November in Bali.
© 2022 AFP
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