G20 Finance Chiefs Wrap Up Meeting Without Joint Statement

G20 Finance Chiefs Wrap Up Meeting Without Joint Statement

July 19, 2023, 7:51 a.m.

Finance ministers and central bank chiefs of the Group of 20 economies have ended their meeting without a joint statement, reflecting divisions among the members.

The two-day talks ended in Gandhinagar in western India on Tuesday.

Japanese government sources say the participants shared the view that monetary tightening by the United States, the European Union and other major economies poses a downside risk to the global economy.

Inflation and rate hikes by the US and other rich nations are causing developing economies' foreign debts to increase.

On this issue, the participants reportedly agreed that they will implement debt restructuring frameworks under the G20 and the International Monetary Fund.

But the meeting ended without a joint statement for the sixth time in a row. In the past, joint statements had been customarily adopted unanimously.

The participants were unable to find common ground in such divisive issues as responding to surging energy and food prices caused by Russia's invasion of Ukraine.

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