G20 finance talks end without joint communique

BALI

A two-day meeting of finance ministers from the Group of 20 major economies ended on July 16 on the Indonesian resort island of Bali without a joint communique after Russia’s war in Ukraine divided the global forum.   

During talks in Bali, the finance chiefs looked for solutions to food and energy crises, while accusing Russian technocrats of exacerbating the problems.

In place of a formal communique would be a 14-paragraph statement issued by Indonesia, the G20 chair’s Finance Minister Sri Mulyani Indrawati said in closing remarks. 

She said there was consensus on most of the document but two paragraphs would focus on members’ differences regarding the war’s impacts and how to respond. 

“I think this is the best result,” she said.      

Observers said the failure to agree on a joint communique would hinder coordinated efforts to solve rising inflation and food shortages.

“The lack of a G20 finance ministers’ communique means it will be more difficult for the G20 to forge a consensus on vital issues in the fall,” said Eric LeCompte, executive director of Jubilee USA Network.     

“Internal divisions hinder the G20’s ability to act decisively and leaves the world in uncharted waters.”    

Türkiye’s Treasury and Finance Minister Nureddin Nebati met U.S. Treasury Secretary Janet Yellen on the sidelines of the event on July 16. 

“We had a fruitful meeting with Yellen. We emphasized that it is essential to continue working steadily in order to fully realize the potential in our commercial relations and further enhance our mutual investments.,” Nebati wrote on Twitter.