A photo from the Canadian government showing Canadian Finance Minister Chrystia Freeland (center) posing with counterparts and central bankers who walked out of the G20 plenary to protest once morest Russia’s presence in the forum, April 20, 2022 in Washington (Government of Canada/Handout)
Finance ministers and central bankers from the G20, meeting Wednesday on the sidelines of meetings of the IMF and the World Bank, left the plenary session or turned off their screens to protest once morest the presence of Russia.
The Indonesian presidency had been pressured to exclude Moscow from the G20 in response to its invasion of Ukraine. However, she refused to do so in the name of impartiality.
“War is incompatible with cooperation,” said French Economy Minister Bruno Le Maire in the opening remarks, urging Russia to “abstain from participating in G20 meetings”.
His Russian counterpart Anton Silouanov retorted: “the G20 has always been and remains above all an economic forum”.
This body brings together the twenty major world economies including the United States, Canada, China, India, Brazil, Japan, France and Germany.
Failing to obtain the exclusion of Moscow, ministers including US Treasury Secretary Janet Yellen decided to boycott the sessions where Russian officials were to speak.
“This week’s meetings in Washington are meant to support the global economy and Russia’s illegal invasion of Ukraine poses a grave threat to the global economy,” Canadian Deputy Prime Minister Chrystia Freeland tweeted. .
“Russia should not participate or be included in these meetings,” she added, also posting a photo showing Western officials who “left the G20 plenary when Russia sought to intervene”.
“Many finance ministers and central bankers including (…) (Janet) Yellen walked out when Russia started talking,” a source close to the US delegation confirmed earlier. “Other ministers and governors, who were virtual, turned off their cameras.”
In London too, it is pointed out that the British representatives have left the room.
This incident took place “without disturbing” the discussions, however assured Sri Mulyani Indrawati, the Indonesian Minister of Finance during a press conference.
The G7 ministers have also obtained that the Ukrainian Minister of Finance Serguiy Marchenko participates in this meeting although Ukraine is not a member of the G20.
– Tribune for Moscow? –
German Finance Minister Christian Lindner on March 31, 2022 in Berlin (POOL / Tobias SCHWARZ)
Conversely, German Finance Minister Christian Lindner defended Berlin’s desire to participate in all sessions, including those in the presence of Russian officials.
“We will not provide a platform for Russia to spread its propaganda and lies,” he told reporters in Washington where the G20 meeting is being held with some of his counterparts, others having opted for virtual mode.
According to a source close to the German delegation, Mr. Lindner has also “vigorously challenged” the positions taken by Russian officials.
This is the first time that the big moneymakers of the G20 have met since the invasion of Ukraine by Russia on February 24.
They had parted ways in Jakarta, Indonesia, on February 18, on the promise to coordinate for a “stronger” global recovery. On the contrary, the Russian offensive has darkened the outlook, worsening inflation and causing a food crisis.
The Russian minister himself blamed the sanctions. “Obviously, with the sanctions, the market supply is artificially restricted, which causes an imbalance and a sharp rise in prices,” he said.
The Managing Director of the International Monetary Fund, Kristalina Georgieva, urged countries to continue their cooperation despite the tensions.
“Members underscored the crucial role of the G20 as the premier forum for economic cooperation,” the Indonesian minister said.
Countries have a lot to do as global growth is threatened: the IMF is only expecting 3.6% this year and expects a sharper slowdown if war and sanctions worsen.
Before the G20, the IMF and the World Bank had called for not forgetting the essentials of these meetings: ensuring food security and implementing the “common framework” of the G20 to restructure the debt of poor countries.
“There have been many discussions on the transparency” of the debt, indicated Sri Mulyani Indrawati. “Some member countries have called for a more credible, predictable and timely mechanism.”
But the implementation of this framework is slipping because of the weak participation of China, the main creditor country of poor countries.