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G20 meets to tackle Ukraine economies and inflation rates

G20 top financial officials came together in a meeting in Bali as well hoping to find solutions to counteract the economic fallout from global crises including war and inflation.

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BANGKOK (AP) — Thailand’s prime minister has resigned, citing a lack of G20 financial leaders met on the Indonesian island of Bali on Friday to devise ways to counter the economic fallout from the conflict in Ukraine, rising inflation, and other global crises that have plagued their economies.

“Build bridges, not walls” was Sri Mulyani Indrawati’s opening statement at the two-day meeting of finance ministers, central bank chiefs, and other leaders. It would be “catastrophic” to fail, she said, especially for the poorer nations.

Many millions, perhaps even billions of people are relying on us. ” “According to Indrawati,

It comes after a meeting of foreign ministers in Bali earlier this month that failed to reach agreement on Russia’s conflict in Ukraine and its global consequences.

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The absence of Russian envoys from a G-20 financial summit in April in Washington, D.C. was protested by representatives of the United States, the United Kingdom, France, Canada, and the Ukraine. A joint statement was not issued as a result of that meeting.

Indrawati, however, believes that the G-20 financial meetings have the advantage of being less political.

As the host country, Indonesia has attempted to be a “honest broker.” “she said, bringing together the G-20’s divided East and West, which has become more pronounced since Russia’s incursion into Ukraine in February.

“Playbook” doesn’t exist “Indrawati cited the war’s unprecedented tensions as an example of how to come to an agreement.

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A 40-year high inflation rate, snarled supply chains and bottlenecks caused by a coronavirus pandemic, and a need to fortify financial systems against future risks are all issues that are being discussed by the world’s financial leaders.

Indrawati said that the G-20 was able to overcome their differences in dealing with the financial crisis and the pandemic of 2008.

Our actions have a significant impact on the world.” “she explained.

U.S. Treasury Secretary Janet Yellen, along with some other Western financial officials, are working to get agreement on setting a price cap on Russian oil that could help bring energy costs under control and alleviate the decades-long inflation seen in many countries while also limiting Moscow’s access to revenues to fund its war effort.

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At a news briefing Thursday in Bali, Yellen said that a price cap on Russian oil is one of the most powerful tools we have to address the pain Americans and families across the world are experiencing at the gas pump and the grocery store right now, a limit on the price of Russian oil.

Yellen stated that the price of such a cap had not yet been determined, but that it must be set at a level “that clearly gives Russia an incentive to continue producing, that would make production profitable for Russia.” Yellen.

Chinese and Indian officials said they were “hopeful” the price cap would be respected by countries that recently increased their imports of Russian crude oil that was sold at steep discounts.

As long as insurance and other financial services are not regulated, a European Union and most likely a US ban on providing them will take effect. Russia could be allowed to export as long as the price doesn’t exceed a yet-to-be-determined level, according to Yellen’s statement.

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Russia’s representative to the talks did not say anything about Yellen’s possible exit from the closed-door meeting on Friday. “Business as usual” cannot be applied to Russia’s participation at these meetings, she said.

Blinken and Lavrov were in the same room at the same time for the first time since the Ukraine conflict began, but they pointedly ignored each other during their meeting last week.

Lavrov walked out of the proceedings at least twice: once when his German counterpart Annalena Baerbock spoke at the opening session and again just before Ukrainian Foreign Minister Dmytro Kuleba was to speak by video at the second session, according to a Western diplomat present.

Indonesia has urged officials from all sides to overcome mistrust for the sake of a planet facing multiple threats, including the coronavirus, climate change, and Ukraine, as a host country.

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As a developing country, Indonesia has been affected by war-related food and fuel shortages, and the G-20 has a responsibility to ensure that the rules-based global order continues to be relevant.

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