BAFL 51.88 Decreased By ▼ -0.63 (-1.2%)
BIPL 22.45 Decreased By ▼ -0.35 (-1.54%)
BOP 5.62 Decreased By ▼ -0.06 (-1.06%)
CNERGY 4.98 Decreased By ▼ -0.11 (-2.16%)
DFML 18.80 Decreased By ▼ -0.55 (-2.84%)
DGKC 79.10 Decreased By ▼ -1.70 (-2.1%)
FABL 32.60 Decreased By ▼ -0.50 (-1.51%)
FCCL 19.75 Decreased By ▼ -0.48 (-2.37%)
FFL 10.60 Increased By ▲ 0.03 (0.28%)
GGL 13.58 Decreased By ▼ -0.04 (-0.29%)
HBL 124.50 Decreased By ▼ -5.67 (-4.36%)
HUBC 119.42 Decreased By ▼ -3.20 (-2.61%)
HUMNL 7.88 Decreased By ▼ -0.17 (-2.11%)
KEL 4.58 Increased By ▲ 0.13 (2.92%)
LOTCHEM 27.85 Decreased By ▼ -0.07 (-0.25%)
MLCF 41.81 Decreased By ▼ -0.89 (-2.08%)
OGDC 124.25 Decreased By ▼ -1.36 (-1.08%)
PAEL 22.08 Increased By ▲ 0.73 (3.42%)
PIBTL 6.23 Increased By ▲ 0.11 (1.8%)
PIOC 117.39 Decreased By ▼ -0.61 (-0.52%)
PPL 113.03 Decreased By ▼ -0.82 (-0.72%)
PRL 30.44 Decreased By ▼ -1.36 (-4.28%)
SILK 1.19 Increased By ▲ 0.09 (8.18%)
SNGP 70.10 Increased By ▲ 0.70 (1.01%)
SSGC 13.50 Decreased By ▼ -0.22 (-1.6%)
TELE 9.60 Increased By ▲ 0.36 (3.9%)
TPLP 15.16 Increased By ▲ 0.41 (2.78%)
TRG 98.00 Increased By ▲ 5.15 (5.55%)
UNITY 27.55 Increased By ▲ 0.05 (0.18%)
WTL 1.71 Increased By ▲ 0.05 (3.01%)
BR100 6,767 Decreased By -47.8 (-0.7%)
BR30 23,962 Decreased By -283 (-1.17%)
KSE100 65,859 Decreased By -364.6 (-0.55%)
KSE30 21,991 Decreased By -131.7 (-0.6%)

BALI: Many nations in the Group of 20 major economies condemned Russia’s invasion of Ukraine and called for it to end the war during ministerial talks in Indonesia, the host said in its closing statement early Sunday.

A two-day gathering of finance ministers and central bank governors on the resort island of Bali ended without a joint communique because of disagreements with Russia about the war.

But Western nations pressed Russia over the military assault, accusing Moscow of sending a shockwave through the global economy and its technocrats of complicity in alleged war crimes committed during the invasion.

“Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russia’s war against Ukraine, which was strongly condemned, and called for an end to the war,” Indonesia said in the declaration. Jakarta, which has been balancing its neutral foreign policy stance with hosting the G20 summit in November, replaced a joint communique with a 14-paragraph chair’s statement that did not fall under the forum’s banner and included two sections on members’ differences.

“One member expressed the view that the sanctions are adding to existing challenges,” it said, in an apparent reference to Russia, which has denied blame for the current global economic headwinds.

There was also no G20-wide consensus on the global food crisis exacerbated by Russia’s invasion, which is threatening to leave millions in developing nations at risk of hunger.

“The majority of members agreed that there is an alarming increase of food and energy insecurity,” Indonesia said.

“Many members stand ready to take prompt collective actions.”

The failure to secure a joint communique came a week after Russian Foreign Minister Sergei Lavrov walked out of G20 talks in Bali over criticism of Moscow. Russia only sent a deputy minister to the finance talks, with its finance minister participating virtually.

In other areas, all members reaffirmed their commitment to implementing international tax rule changes set to come into force in 2024, coordinating policies to control the Covid-19 pandemic, and tackling rising inflation and climate change. The next meeting of G20 finance ministers will take place in October in Washington.


Comments are closed.

G20 chair Indonesia says ‘many’ nations condemned Russia at talks

Intra-day update: rupee inches higher against US dollar

Banks in the red as KSE-100 loses some steam

Open-market: rupee sees marginal improvement against US dollar

MARI successfully drills development well in Sindh

India’s top court upholds end of special status for IIOJK

Israel presses ahead with aggression in southern Gaza

Oil extends gains on US strategic reserve purchases

Unbudgeted projects: Reappropriation of funds banned

‘Country is not getting new inflows from abroad’

Importer booked for evasion of Rs30m duty