Ukraine, no official statement from G20: divided over war

The meeting of finance ministers closed only with a ‘summary’ stating that “the use or treatment of nuclear weapons is inadmissible”

It concludes without a final release approved by all the participants but only with a ‘summary’ the G20 of finance ministers and central bank governors, which took place in Banagalore, India. To prevent the definition of a shared text le ‘prudence’ of some countries on the condemnation of the war in Ukraine and the will of the “majority of the participants” – as the Economy Minister Giancarlo Giorgetti also recalled – not to take steps back on the declarations made a year ago in Bali.

The summary released by the Indian presidency underlines “thecommitment to improve international political cooperation and lead the global economy towards inclusive growth”.

“Most members of the group (which also includes Russia) – it underlines – strongly condemned the war in Ukraine, the immense human suffering and the increase in fragility in the global economy. The use or handling of nuclear weapons is inadmissible, the present must not be a time of war“.

On the economic front, the G20 places “emphasis on the need for coordination by official and private creditors to mitigate the debt problems” of developing economies and calls for “the use of macro-prudential policies, where necessary to protect against downside risks”

“Global economic prospects – it should be noted – have improved slightly, however global growth remains slow and downside risks persist”: finally, on the public finances front, the “need to give priority to temporary fiscal support aimed at vulnerable groups” while maintaining fiscal sustainability. G20 members agree to strengthen multilateral development banks (MDBs) to address cross-border challenges and catalyze private investment.”