Washington DC – The G20 finance ministers concluded their meetings in Bali, Indonesia. The ministers focused on the global economy impacted by the pandemic, Ukraine war, high country debt levels and rising inflation.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who tracked or participated in G20 meetings since 2010, releases the following statement on the G20 finance ministers meeting:
“The lack of a G20 finance ministers communiqué means it will be more difficult for the G20 to forge a consensus on vital issues in the fall.
"Tensions over Russia's war in Ukraine translated to the G20 failing to take more action on inflation, food shortages and pandemic response.
“Internal divisions hinder the G20’s ability to act decisively and leaves the world in uncharted waters.
“Countries lack the resources to deal with food shortages and we are concerned that the food shortages can lead to unrest.
“As more countries risk defaulting on their loans, we face more threats for stability of the global economy.
“We are waiting for the G20's debt reduction framework to be running so developing countries can receive relief to address food shortages and respond to the pandemic.
“A critical part of the G20 meetings was reviewing proposals that can increase development bank lending by hundreds of billions.
“Getting more resources to development banks would be a significant step to prevent future pandemics and food crises."Read Jubilee USA's press release about the meetings here.