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Food SecurityIndonesia

G20 finance ministers aim to tackle energy, food crises

July 15, 2022

The financial leaders of the world's leading economies are meeting in Bali as the fallout of Russia's war in Ukraine is being felt worldwide. They are not in agreement on ways to solve the economic threats.

https://p.dw.com/p/4EAL7
US Treasury Secretary Janet Yellen talks with Indonesian Finance Minister Sri Mulyani Indrawati during the G20 Finance Ministers Meeting on the Indonesia resort island of Bali
Yellen and Indrawati said G20 finance ministers need to come up with a plan to alleviate the global food crisisImage: Sonny Tumbelaka/AP Photo/picture alliance

US Treasury Secretary Janet Yellen on Friday urged the Group of 20 leading rich and developing nations to take urgent action to tackle the food crises caused by Russia's war in Ukraine.

"We must take action to address the short-term food insecurity crisis and, equally importantly, the longer-term drivers of food insecurity, including the nexus with climate change," Yellen said.

"The speed and wisdom of our decisions now will make the difference on whether we get the current crisis under control," she added.

Millions of tons of grain trapped in Ukraine

Tensions over dealing with Russia remains

The agenda of the two-day meeting of G20 finance ministers on the Indonesia resort island of Bali is dominated by the economic fallout of the war in Ukraine.

A G20 finance meeting in April saw officials from the United States, Britain, France, Canada, and Ukraine walk out to protest the attendance of Russian envoys.

Only last week, Moscow's top diplomat walked out of talks with G20 foreign ministers.

Sergey Lavrov told his counterparts the Russian invasion of Ukraine was not responsible for a global hunger crisis and that sanctions designed to isolate Russia amounted to a declaration of war.

Lavrov denies war's role in rising prices

G20 members include Western countries that have imposed sanctions on Russia, while other member nations, including China, India and South Africa, have been more muted in their responses.

Indonesia, the host of the finance meeting, said it has tried acting as an "honest broker."

Food insecurity and fertilizer supply major concerns

Indonesian Finance Minister Sri Mulyani Indrawati warned the world is facing alarming global hunger due to war, export restrictions and the lingering effect of the coronavirus pandemic.

"Millions and millions — if not billions — of people are depending on us," Indrawati said.

"Fuel shortages are unfolding around the world. And we are seeing this is having a huge political and social implication," she added.

The risk of a fertilizer supply crisis could exacerbate the food crisis even into 2023 and beyond, Indrawati said.

She suggested the G20 could form joint finance and agriculture ministries to address the issues.

However, Yellen said existing organizations were up to the job.

"We don't need new institutions. We need robust coordination, knowledge sharing, research and development, financing, and action," she said.

lo/sms (AP, AFP, Reuters)