PR95570

JAKARTA, Indonesia, April 21, 2022/Antara News Agency=KYODO JBN/--

The second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting

expects Indonesia's G20 Presidency to bring about a solution to the

Russia-Ukraine conflict, Indonesian Finance Minister Sri Mulyani Indrawati

stated.

"(G20) members hope that the current geopolitical situation, particularly

related to the war in Ukraine, will be handled," Indrawati noted at a press

conference of the second G20 FMCBG meeting on Thursday.

The expectation is based on the fact that the global situation has worsened and

changed rapidly due to the COVID-19 pandemic, coupled with the Russia-Ukraine

war, she remarked.

Moreover, the Russia-Ukraine war has a very dynamic implication, including on

the energy, food, and fertilizer price hike, she affirmed.

Indrawati said Indonesia, which currently holds the G20 presidency, will

continue to conduct intensive communication and consultations with all G20

members to address the very dynamic situation.

"The G20 good governance is actually based on consultations as well as

cooperation," she remarked.

Indonesia continues to hold discussions with all G20 member states to find ways

to get out of the various global economic risks that result not only from the

war in Ukraine but also from the pandemic, she stated.

The minister emphasized the current need for an exit strategy since several

countries were under the threat of high inflation while the global energy and

food price hike will increasingly create a challenging situation for policy

makers.

According to Indrawati, G20 members are concerned about inflationary pressures

that tend to prompt several central banks to raise the policy interest rates

that will eventually lead to faster-than-expected global liquidity tightening.

Hence, the higher level policy becomes the focus to fulfill the exit

strategy-related commitment that is well-calibrated, planned, and communicated

to support recovery and reduce the potential impact of a spillover, she

stressed.

The collective and coordinated actions are not only aimed at mitigating the

impact of the Russia-Ukraine war but also at controlling the pandemic. The

actions will remain high on the list of G20's priorities, she stated.

G20 members have recorded an increase in the number of COVID-19 cases in

several regions that burdened growth, extended supply disruption, worsened

inflationary pressure, and slowed down global recovery, she remarked.

Source: Ministry of Communication and Informatics

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=419573

   Caption: Finance Minister Sri Mulyani Indrawati met with the U. S Secretary of

TreasuryJanet Yellen on the sideline of  the G20 2nd FMCBG Meeting on Thursday

(April 21, 2022). Earlier, finance ministers of the United States, Canada, and

the United Kingdom staged a walkout as a protest against the presence of the

Russian delegation during the G20 2nd FMCBG Meeting organized under Indonesia's

G20 Presidency in Washington, D.C.