BALI: Finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies failed to adopt a joint statement at their two-day meeting in Bali, Indonesia, that ended on Saturday, due to differences over Russia’s aggression against Ukraine.

Japanese Finance Minister Shunichi Suzuki disclosed the failure at a press conference after the G20 meeting.

Indonesia, this year’s G20 chair, summarized the discussions instead, stressing that most of what was discussed, except for parts about the war in Ukraine, drew support from participating countries.

Advanced economies including Japan and the United States denounced Russia, which continues to invade Ukraine, for triggering inflation and food crises around the world. Russia stood against such criticism and many emerging economies, including China, continued to distance themselves from sanctions by Western countries on Moscow, leaving the division within the G20 unresolved.

As the G20 financial chiefs again failed to issue a joint statement, which needs to be backed unanimously in principle, after failing to do so in their previous meeting in Washington in April, some pundits said the framework may have become dysfunctional.

Meanwhile, Suzuki said that the G20 economies affirmed their existing agreement on foreign exchange, once again sharing the view that excessive volatility and disorderly moves in exchange rates can have adverse implications for economic and financial stability.

The main theme of the latest G20 meeting was how to slow down global inflation and resolve associated economic and social instability.

Oil and grain prices have soared due partly to economic sanctions against Russia, a global energy powerhouse, over its invasion of Ukraine, and stagnation in exports from Ukraine.

With surging food prices especially having a serious impact on emerging and developing countries, the participants in the G20 meeting pointed out the importance of responding to food shortages and malnutrition through cooperation with international organizations.

During the G20 discussions, many participants from the Group of Seven major countries insisted that Russia’s actions are behind global economic deterioration, sources with access to the meeting said.

Suzuki said Russia has been making it difficult for G20 members to hold constructive discussions.

JIJI Press