The Russia-Ukraine conflict, as well as soaring food and energy prices, dominated last week’s 3rd G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia.
Finance Minister Enoch Godongwana, along with the South African Reserve Bank, participated in the Meeting held on Friday and Saturday.
The National Treasury in a statement said members in the meeting held polar views on these issues.
The G20 Presidency in Indonesia, in a separate statement, said many members agreed that the recovery of the global economy had slowed and was facing a major setback as a result of the Russia-Ukraine standoff.
Members strongly condemned the conflict and called for the end of it.
“One member expressed the view that the sanctions are adding to existing challenges. Members noted that existing challenges have been exacerbated, including supply-demand mismatches, supply disruptions, and increased commodity and energy prices, which have added to rising inflationary pressures and contributed to the increasing risk of food insecurity,” read the G20 statement.