In a pre-recorded video message at the start of the two-day meeting, the Prime Minister said many countries, especially developing economies, are still coping with the after-effects of the Covid-19 pandemic, which delivered a “once-in-a-century” blow to the global economy.
Flagging the threat to financial viability of many countries from unsustainable debt levels, Prime Minister Narendra Modi Friday said trust in international financial institutions has eroded “partly because they have been slow to reform themselves”. Saying it is “not an easy task”, Modi called upon the “custodians of the leading economies and monetary systems of the world” to “bring back stability, confidence and growth to the global economy” at the first meeting of Finance Ministers and Central Bank Governors under India’s G20 Presidency.
In a pre-recorded video message at the start of the two-day meeting, the Prime Minister said many countries, especially developing economies, are still coping with the after-effects of the Covid-19 pandemic, which delivered a “once-in-a-century” blow to the global economy.
He also made a reference to the rising geopolitical tensions in different parts of the world, without naming the Russia-Ukraine war directly.
“We are also witnessing rising geopolitical tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices. And, food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels,” he said.
(Associated Press reports: US Treasury Secretary Janet Yellen condemned the “illegal and unjustified war against Ukraine” at a session attended by Russian officials and reiterated calls for G20 nations to do more to support Ukraine and hinder Moscow’s war effort.)
“I urge the Russian officials here at the G20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities,” Yellen said. “They bear responsibility for the lives and livelihoods being taken in Ukraine and the harm caused globally.”
As I made clear at the G20 today, the unprovoked, brutal war that Russia launched a year ago has inflicted immense suffering on the Ukrainian people and has caused harm throughout the world. Ending it is the single best thing we could do for the global economy. pic.twitter.com/VOr4tncbS4
— Secretary Janet Yellen (@SecYellen) February 24, 2023
Meeting on the G20 sidelines, Yellen and British Treasury chief Jeremy Hunt condemned the war and said they were working together to deal with the crisis. Hunt praised efforts to support Ukraine, according to remarks provided by US Treasury officials.
“We are pleased that there is such unity among democracies that this cannot be allowed to happen. We don’t think the job is by any means done,” he said.