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The finance leaders of the world’s most important economies met in Bali, as the consequences of the Russian invasion of Ukraine are being felt around the world.
US Treasury Secretary Janet Yellen on Friday (15.09) asked the G20 group of rich countries to take immediate action to stop the food crisis caused by the Russian invasion of Ukraine.
“We must take measures to solve the short-term crisis of food insecurity, and equally important is the long-term crisis of this insecurity, linking this crisis to climate change,” Yellen said. “The speed and wisdom of our current decisions will show the importance of having the crisis under control,” she added.
Still tensions over relations with Russia
The agenda of the two-day meeting of G20 finance ministers in Bali, Indonesia, is entirely focused on the economic consequences of the Russian invasion of Ukraine. At the April meeting of the G20, again with the main theme of finance, officials from the USA, the United Kingdom, France, Canada and Ukraine walked out in protest against the participation of Russian envoys in the summit.
Just last week, Moscow’s top diplomat walked out of a meeting with G20 foreign ministers. Sergey Lavrov told his counterparts that the war in Ukraine was not the cause of the world hunger crisis and sanctions aimed at isolating Russia resembled a declaration of war.
Insecurity in food and fertilizer supplies, major concerns
Indonesian Finance Minister Sri Mulyani Indrawati has warned that the world is facing alarming hunger due to war, export restrictions and the lingering effect of the coronavirus pandemic. “Millions and maybe billions of people depend on us,” Indrawati said. “Fuel shortages are being felt around the world. And we are seeing that this situation has a great political and social impact,” she added.
The risk of a fertilizer supply crisis could worsen the food crisis in 2023 and beyond, according to Indrawati. She suggested that the G20 form joint ministries for finance and agriculture, with the aim of solving this situation. However, Yellen said these organisms almost certainly exist. “We do not need new institutions. We need strong coordination, knowledge sharing, research and development, funding and action,” she said./DW
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