G20 finance leaders in Bali to tackle Ukraine, inflation.

July 16, 2022

Top financial officials from the Group of 20 leading rich and developing nations met on the Indonesian island of Bali seeking strategies to counter inflation, food insecurity and other troubles that have worsened due to the war in Ukraine.
Indonesian Finance Minister Sri Mulyani Indrawati opened the two-day meeting by urging fellow finance ministers, central bank chiefs and other leaders to find ways to “build bridges, not walls.” The consequences of failure, especially for less wealthy nations, would be “catastrophic. “Millions and millions if not billions of people are depending on us.”
The financial leaders are searching for ways to coordinate how they shepherd their economies through inflation that is running at 40-year highs, unsnarling supply chains and bottlenecks due to the coronavirus pandemic and fortifying financial systems against future risks.
US Treasury Secretary Janet Yellen called for the G-20 to take action to fight food insecurity as millions go hungry due to soaring costs for food and other necessities. It is crucial, to avoid stockpiling and export bans, to provide financial help to the needy and to ensure all organizations, such as development banks and food agencies, do their part to alleviate hunger.