G20 Finance Ministers Meeting Focuses on Response to Global Economic Crises

On Friday, G20 finance ministers descend on Bali, Indonesia, to discuss a global economy impacted by the pandemic, Ukraine war, high country debt levels and rising inflation. Food shortages, climate and tax issues will also be on the agenda at the two-day talks.

“Developing countries lack the resources to confront economic crises and food shortages,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “The G20 must act quickly to prevent a recession and address food and debt crises."

The World Bank warns that due to the impacts of the pandemic and the Ukraine war, average incomes in 40% of developing countries will remain below 2019 levels.

"Rising interest rates mean developing countries have higher debt payments just when they need to invest more to protect their people,” added LeCompte. “Countries need debt relief, not more debt."

Three countries applied to a G20 debt reduction process created in 2020 and have yet to see any debt relief.