Friday, February 24, 2023

The G20 nations rush to issue a communiqué

G20 nations rush to put out communique

 BENGALURU: As they scramble to put together a communiqué for the meeting of finance ministers and central bank governors, officials from the G20 will have another difficult night of negotiations.

Several nations, including India, are opposed to the inclusion of Russian and Ukrainian "war and conflict" among members of the 20 largest economies.

During a press conference, US Treasury Secretary Janet Yellen made it clear where she stands. She stated that the communique was still under discussion and that she desired a "strong condemnation" of Russia's invasion of Ukraine and the global economy.

Given the differing points of view, it's also possible that the ministers will use a chair's text instead of a communique, which would show that everyone is on the same page about a topic. This is what happened in Indonesia last year when it was the G20's president. When asked about the communiqué, Japanese finance minister Shunichi Suzuki stated that he would prefer not to predict whether one would be issued.

Given that the meeting is taking place on the first anniversary of Russia's attack on Ukraine, Indian officials also acknowledged that there was a possibility that disagreements could not be resolved. Indian officials have largely avoided interacting with the media, allowing the conflict and the issue of communication to take precedence over discussions of the global economy, which they want to avoid.

Their issue is made worse by oil imports, which have helped India so far by allowing it to enter a number of markets and get discounts by exporting gasoline and diesel. In addition to the war, China is preventing consensus. It is exposed to a number of countries, including Sri Lanka, that are experiencing an acute crisis, so it is concerned about the debt resolution issue.

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