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BENGALURU: It’s going to be another tough night of negotiations for officials from G20 countries as they scramble to put together a communique for the meeting of finance ministers and central bank governors.
Members from the world’s 20 largest economies are split over the inclusion of Russian and Ukraine “war and conflict”, something that several countries, including India, are not keen on.
US treasury secretary Janet Yellen made her stand clear at a press conference. She said the communique was still under discussion and that she would like to see a “strong condemnation” of Russia’s invasion and the damage it has caused to Ukraine and global economy.
Given the differences in position, there is also a possibility that the ministers avoid a communique, which reflects unanimity on issues and instead make do with a chair’s text, something that happened in Indonesia during its G20 presidency last year. Asked about the communique, Japanese finance minister Shunichi Suzuki said he would not like to prejudge if there would be a communique or not.
Indian officials too conceded that there was a possibility that differences could not be bridged, given that the meeting comes on the first anniversary of Russia’s attack on Ukraine. Indian officials have largely avoided any interaction with the media, letting the issue of communique and discussion around the conflict overtake discussions on the global economy, something they are keen to avoid.
Their problem is compounded by oil imports, which have worked to India’s advantage so far, both in terms of getting discounts as well as entering into several markets through export of petrol and diesel. Apart from the war, China is also holding up consensus. It has concerns over issue of debt resolution as it has exposure to several of the countries, including Sri Lanka, which are facing an acute crisis.
Members from the world’s 20 largest economies are split over the inclusion of Russian and Ukraine “war and conflict”, something that several countries, including India, are not keen on.
US treasury secretary Janet Yellen made her stand clear at a press conference. She said the communique was still under discussion and that she would like to see a “strong condemnation” of Russia’s invasion and the damage it has caused to Ukraine and global economy.
Given the differences in position, there is also a possibility that the ministers avoid a communique, which reflects unanimity on issues and instead make do with a chair’s text, something that happened in Indonesia during its G20 presidency last year. Asked about the communique, Japanese finance minister Shunichi Suzuki said he would not like to prejudge if there would be a communique or not.
Indian officials too conceded that there was a possibility that differences could not be bridged, given that the meeting comes on the first anniversary of Russia’s attack on Ukraine. Indian officials have largely avoided any interaction with the media, letting the issue of communique and discussion around the conflict overtake discussions on the global economy, something they are keen to avoid.
Their problem is compounded by oil imports, which have worked to India’s advantage so far, both in terms of getting discounts as well as entering into several markets through export of petrol and diesel. Apart from the war, China is also holding up consensus. It has concerns over issue of debt resolution as it has exposure to several of the countries, including Sri Lanka, which are facing an acute crisis.
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