The treasurer said on Thursday that the meeting of finance ministers and central bank governors came at a crucial time.
Governor of the Reserve Bank of Australia Philip Lowe, left, and Australian Treasurer Jim Chalmers, right, attend the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, on 15 July, 2022. Source: AAP / Made Nagi/AP
“As the recovery from the impacts of the pandemic continues, many countries are simultaneously dealing with rising inflation amid slowing economic growth, tightening financial conditions and geopolitical challenges,” Mr Chalmers said.
“We are acutely aware that the cost of our failure to work together is more than we can afford. The humanitarian consequences for the world, and especially for many low-income countries would be catastrophic,” she said.
US Treasury Secretary Janet Yellen condemned Russia’s “brutal and unjust war” in Ukraine and said Russian finance officials taking part in the meeting shared responsibility for the “horrific consequences” of the war.
That meeting ended without a communiqué nor any announcements of agreements. Ms Yellen said one of her key objectives was to push G20
creditors, including China, to finalise debt relief for countries in debt distress.
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