JAKARTA: The Group of 20 major economies will continue monitoring the ongoing geopolitical tensions, their finance ministers and central bank chiefs have said as concerns mounted over Russia’s possible invasion of Ukraine.

The G20 economies will “continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities,” the officials said in a joint statement Friday.

The officials also confirmed that central banks of the G20 economies will act when necessary to ensure price stability amid rising inflationary pressures due to higher prices of crude oil and other commodities.

The statement was adopted at their two-day meeting in Jakarta through Friday. From Japan, Masato Kanda, vice finance minister for international affairs, attended the meeting on behalf of Finance Minister Shunichi Suzuki. Bank of Japan Governor Haruhiko Kuroda participated online.

The Jakarta meeting was the first G20 ministerial gathering since the escalation of tensions over Ukraine.

In the statement, the financial officials stopped short of mentioning Ukraine after prolonged coordination over how concerns about geopolitical risks should be expressed.

Regarding the global price situation, the statement said, “Inflation rates are currently elevated in many countries.”

“Supply disruptions, supply-demand mismatches, and increased commodity prices, including energy prices, have also contributed to rising inflationary pressures in a number of countries and pose potential risks to the global economic outlook,” the statement added.

“The global economic recovery is continuing,” the statement said. “However, new waves of COVID-19 infections and the emergence of new variants are impacting the pace of recovery.”

“We will continue to use all available policy tools to address the impacts of the pandemic,” the statement said.

The statement confirmed the G20 commitment to ensuring speedy access to novel coronavirus vaccines and drugs especially for developing countries.

“We will continue to support vulnerable countries affected by the COVID-19 pandemic to ensure we all recover together,” the statement added.

The G20 economies include China, India and Russia, as well as the Group of Seven members such as Japan, the United States and major European nations.

JIJI Press