G20 finance meeting once again ends without joint statement on Russia’s war against Ukraine

Finance chiefs from the Group of 20 economies completed their two-day meeting on Thursday, while once again failing to issue a joint statement apparently due to divisions over Russia's war on Ukraine.

That’s according to Kyodo, Ukrinform reports.

Indian Finance Minister Nirmala Sitharaman, who co-hosted the meeting, said the parties discussed issues including the current status of the world economy, ways to strengthen the international financial architecture, and challenges posed by crypto assets.

Still, there was not even the issuance of a chair's statement.

All members of the group have criticized Moscow for invading Ukraine, except China and Russia, “a deep gulf highlighted in the previous finance chiefs' meeting in February.”

Amid fears about the health of the banking sector, uncertainty has grown about the pace of aggressive rate hikes by central banks in major economies.

The U.S. Federal Reserve and other major central banks have been raising interest rates to tame inflation, benefiting their currencies, such as the U.S. dollar. At the same time, higher rates and a strong dollar make it difficult for mid- and low-income nations that have taken on huge debts to repay them in dollars. Weaker currencies have boosted import costs of energy and raw materials for such nations.

In the previous meeting, the G-20 finance chiefs called for "well-calibrated" monetary, fiscal and other policies to promote growth and ensure financial stability.

As Ukrinform reported earlier, the ministers of finance and heads of central banks of the Group of Seven (G7) countries during a meeting in Washington confirmed their unwavering support for Ukraine and their determination to introduce new sanctions against Russia in response to its war of aggression.

Photo: Kyodo