Indonesia Ensures Agenda Will Proceed

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Indonesian Finance Minister Sri Mulyani Indrawati

JAKARTA, KOMPAS – The first high-level meeting of the G20 under Indonesia’s presidency is set to take place in Washington DC, the United States, on Wednesday (20/4/2022). Russia’s attendance at the meeting of finance ministers and central bank governors will likely spark debate. Indonesia will ensure that all items on the agenda remain the subject of discussion.

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Russian finance minister Anton Siluanov and Bank of Russia governor Elvira Nabiullina will be virtually attending the G20 Finance Ministers and Central Bank Governors Meeting (FMCBG). Several Russian technical officials will reportedly attend the FMCBG in Washington DC in person.

The Russian delegation also attended the World Bank Spring Meeting in Washington DC, which began on Monday (18/4). The G20 FMCBG is always held in conjunction with the World Bank Spring Meetings.

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Bank Indonesia (BI) governor Perry Warjiyo .

As this year’s G20 president, Indonesia has planned to discuss the global economy and its risks, global health issues, financial architecture and sustainable finance during the FMCBG. The agenda was agreed upon by officials of finance ministers and central bank governors of the G20 members through a virtual meeting held on Tuesday (12/4). Prior to last week’s meeting, Indonesian Finance Minister Sri Mulyani Indrawati and Bank Indonesia (BI) governor Perry Warjiyo had attended 50 bilateral meetings with their counterparts at the G20.

The same is expected to occur during the FMCBG as well.

Several officials from the Finance Ministry and BI confirmed that the meeting held on April 12 was marked by criticism of Russia. The same is expected to occur during the FMCBG as well.

“The G20 meeting will be an event that symbolizes the division of the international community after the Russian attack,” NLI Research Institute economist Tsuyoshi Ueno told Kyodo News.

TURKISH PRESIDENCY VIA AP, POOL

Turkey’s President Recep Tayyip Erdogan addresses the virtual G20 Leaders’ Summit in Riyadh, Saudi Arabiain, in a video conference from his Vahdettin Pavilion, in Istanbul, Sunday, Nov. 22, 2020. Erdogan said Sunday that Turkey sees itself as a part of Europe, but he called on the European Union to “keep your promises” on issues such as the country’s membership bid and refugees.

In fact, debates during the FMCBG will still be heated whether Russia attends or not. Finance ministers and central bank governors will be debating on how to control spikes in inflation and soaring commodity prices. Exporting and importing countries will have very different views on this issue.

“There will also be debates on how to recover from the impacts of the pandemic,” said Ueno.

Invitations

Indonesia has invited Russia along with 17 other G20 member countries. In addition to these 19 countries, the G20 also includes the European Union. Indonesia reminded other members that the rotating leadership did not authorize anyone to exclude any of the members.

Indonesia can only exclude, or not invite, one of the G20 members if there is a consensus. Throughout hundreds of G20 preliminary meetings, Indonesia has repeatedly affirmed its position.

Thus, all members of the G20 have the right to attend the series of meetings.

Chinese foreign minister Wang Yi and Brazilian foreign minister Carlos Franca opposed the idea of not inviting Russia to the G20. Wang asserted that no one has the right to segregate the G20 members. Thus, all members of the G20 have the right to attend the series of meetings.

On the other hand, Indonesia has yet to take a final stance regarding pressure to invite Ukraine. Indonesia’s current official stance is to continue consulting with all members of the G20 regarding extending an invitation to Ukraine.

Indonesia does not exercise its prerogative to invite countries that are not members of the G20. This right had been used by Indonesia when inviting several ASEAN countries, representatives of small archipelagic countries and the Netherlands.

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Prime Minister of Ukraine Denys Shmyhal

Although there is no certainty that they will join the G20 FMCBG, the Ukrainian delegation is reportedly in Washington DC. Prime Minister Denys Shmyhal, finance minister Serhiy Marchenko and Central Bank governor Kyrylo Shevchenko will be attending the World Bank meeting. The Ukrainian delegation will also meet the G7 delegation and its allies on Thursday (21/4).

Indonesia says that geopolitical tensions are not the only global issues of today. Global economic recovery from the impacts of the pandemic is no less important.

“All of these issues are in the interests of developed, developing and less developed countries,” said Wempi Saputra, coordinator of the implementation of the G20 agenda for financial matters.

US Treasury secretary Janet Yellen said the US would use the World Bank and FMCBG meetings to encourage discussions on the food crisis and inflation. The surge in prices has made inflation in the US reach 8 percent already, the highest recorded in the last 40 years. (AFP/REUTERS/RAZ)

(This article was translated by Kesya Adhalia)