December 1, 2022

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Most of the G20 members condemn the Russian war in declaring the Ukraine project

Most of the G20 members condemn the Russian war in declaring the Ukraine project

  • There were “other” opinions about the situation – draft advertising
  • Russia: The G20 sought to “politicize” Ukraine’s declaration
  • Project expresses concern about food security and high inflation
  • He says central bank independence is key to fighting inflation
  • He calls on creditors to share the fair burden of debt problems

NUSA DUA, Indonesia (Reuters) – A draft G20 leaders’ declaration seen by Reuters on Tuesday said most members condemned Russia’s war in Ukraine and stressed it was exacerbating global economic weakness.

The members of the Group of Twenty also expressed their deep concern about the risks to global food security as a result of the escalation of tensions, and stressed the need for the independence of central banks to ensure their continuation in efforts to curb high inflation, according to the draft confirmed by the Chairman of the Board. European diplomat.

Referring to the “patriotic positions” of G20 members, the draft declaration said it deplored “in the strongest terms the Russian Federation’s aggression against Ukraine” and demanded its “complete and unconditional withdrawal from the territory of Ukraine”.

“Most of the members strongly condemned the war in Ukraine and stressed that it causes enormous human suffering and exacerbates the existing fragility in the global economy,” she added, adding: “There were other opinions and different assessments of the situation and the sanctions.”

The 16-page document has yet to be adopted by G20 members.

Russian Foreign Minister Sergei Lavrov said on Tuesday that Western countries had tried to “politicize” the joint declaration. He accused them of pushing to include a line condemning Russia’s invasion of Ukraine on behalf of all participating countries.

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Controversy over how to characterize the war in Ukraine prevented G20 ministers earlier this year from issuing a joint statement.

Earlier on Tuesday, Ukrainian President Volodymyr Zelensky urged his counterparts at the summit via video link to step up their leadership and stop Russia’s war in his country under a peace plan he proposed.

Russia, represented at the summit by its foreign minister, not President Vladimir Putin, says it is conducting a “special military operation” in Ukraine to root out dangerous nationalists and protect Russian-speakers. Kyiv and the West characterize Russia’s actions as an unjustified imperial land grab.

economic focus

Russia’s invasion of Ukraine overshadowed the summit, which hosts Indonesia and other nations that said it should focus on risks to the global economy.

The draft declaration reads: “While recognizing that the G-20 is not a forum for resolving security issues, we acknowledge that security issues can have serious consequences for the global economy.”

He also said that G20 central banks are monitoring inflationary pressures and will calibrate the pace of monetary tightening to ensure inflation expectations remain well anchored.

“The independence of the central bank is necessary to achieve these goals and to support the credibility of monetary policy,” she said.

The report said that fiscal stimulus measures should be “temporary and targeted” to mitigate the impact of rising commodity costs for the most vulnerable groups, to avoid fueling inflationary pressures.

With regard to debt problems, the project stressed the importance of fair burden sharing by all creditors, without mentioning China, which has been criticized by Western countries for delaying efforts to ease the burden on some emerging economies.

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The document also called on multilateral development banks to implement changes recommended by an independent panel in July, such as lowering capital requirements, which could allow institutions to lend hundreds of billions of dollars more to developing countries each year. requested the multilateral development banks to provide a status update in the spring of 2023.

; Editing by Mark Heinrich

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