NUSA DUA, Indonesia (Reuters) - Indonesia urged G20 finance leaders to stay focused on their goals for global economic recovery as the two-day meeting continued on Saturday.
“It is important that we remain focused on what we have planned to achieve this year, as this will also send a positive message to the global community on the G20’s role and efforts to support global recovery,” Indonesian central bank governor Perry Warjiyo said when he opened the second day of meetings.
G20 members appeared pulled together at the start of the pandemic, but initiatives to cushion the shock for heavily indebted poor countries failed to produce significant results.
The G20 on Saturday will discuss post-pandemic financial stability, crypto-assets and climate-related financial risks, among other topics.
On Friday also, Indonesian Finance Minister Sri Mulyani Indrawati called for a joint forum involving G20 finance and agriculture ministries to come up with concrete action to tackle growing food insecurity and a looming fertilizer supply crisis.
Food insecurity is one of the top issues on the agenda at a G20 meeting of finance leaders in Bali, where host Indonesia has been trying to find common ground in a group rattled by Russia’s special military operation in Ukraine and rising economic pressures from soaring inflation.
Sri Mulyani said the world was facing alarming global hunger due to war, export restrictions and the lingering effect of the pandemic. The risk of a fertilizer supply crisis could exacerbate the food crisis even into 2023 and beyond, she said.
imilar joint meetings were set up for finance and health ministries last year to address issues such as uneven COVID-19 vaccine distribution.
“The G20 has successfully been doing this for finance and health...we do hope the same thing can be also established by strengthening our ability to mobilize not only financing, but most importantly policy coordination across countries and supported by international organizations,” said Sri Mulyani.