G20 finance leaders seek consensus to overcome global economic threats

Tourists visit Garuda Wisnu Kencana cultural park in Bali, Indonesia, July 10, 2022. (Xinhua/Xu Qin)

Indonesian Finance Minister Sri Mulyani Indrawati called on G20 members to go further in addressing global challenges and helping low-income countries amid soaring prices of food and energy.

JAKARTA, July 16 (Xinhua) -- The third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting kicked off Friday in Indonesia's Bali resort island, with the finance leaders seeking ways to tackle global economic threats impacted by the ongoing Russia-Ukraine conflict.

In the opening remarks, which were also broadcasted virtually, Indonesian Finance Minister Sri Mulyani Indrawati called on G20 members to go further by taking concrete actions based on the spirit of cooperation and collaboration to address the global challenges and helping low-income countries facing soaring prices in food and energy.

"We are acutely aware that the cost of our failure to work together is more than we can afford. The humanitarian consequences for the world, and especially for many low-income countries would be catastrophic," Indrawati said.

Indrawati also mentioned seven priorities and legacy agendas within the G20 Financial Track, which comprise global supply chain disruptions and rising commodity prices, revitalization of the global health architecture, debt management for poor countries, policy normalization (exit) strategies and cross-border payments, sustainable finance and green instruments, infrastructure development, and international taxation.

According to a joint press release of Indonesia's Central Bank, Bank Indonesia, and the country's Finance Ministry, the high-level meeting was attended by the largest number of delegations of Indonesia's G20 Presidency, with 17 Finance Ministers and 10 Central Bank Governors, as well as 407 foreign delegations, attending in person, while another 120 attending online.