Ministry to discuss impacts of Ukraine war on global economy

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An official of the Indonesian Finance Ministry stated that impacts of the war in Ukraine on the global economy would be discussed during a meeting of G20 finance ministers and central bank governors in Washington D.C. on Wednesday.

“Four sessions of the meeting will be conducted tomorrow. First, we will see the global economic conditions and impacts of the war between Ukraine and Russia, particularly the impacts on the economy and on many countries (thereby) making it harder to achieve recovery,” Head of the Fiscal Policy Agency at the Finance Ministry, Febrio Kacaribu, stated during the State Revenue Work Performance and Facts (APBN KiTa) press conference on Wednesday.

During the G20 meeting, they would discuss about efforts to maintain the pace of economic recovery in small countries, so they would not be impacted by the war in Ukraine that caused the commodity prices to rise.

“Hence, if there is (convincing) recovery in all countries over the world, small countries included, then this would positively impact the G20 economy, including Indonesia,” he affirmed.

During the second session, the meeting will discuss about global preparedness for future pandemics as an effort to get ready for coming situations.

Large countries, such as G20 members, would be better prepared strategically. In order to achieve this, it is necessary to collaborate in the medical sector as well as prepare a better global health architecture in the future.

They would also discuss about the monetary condition of poor countries that also touched the subject of state debt restructurization for countries that are reeling from appalling conditions.

Kacaribu affirmed that Indonesia was in a much better position as compared to countries that were weighed down for the last few years and even more troubled by the current geopolitical situation.

Last would be the discussion about sustainable funding that was related to the main topic on funding for energy transition from fossil-based fuels to green energy.

He said that they aim to discuss a just implementation of funding for energy transition, so the results could be tangible for several people.

Source: Antara News