G20 underlines need to abide by international law for world peace
The war in Ukraine deteriorated the global economy, increased inflation, impeded import/export chains and threatened food and energy security, according to the G20 statement
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G20 states in Indonesia (AP)
The G20 coalition has announced a unanimous declaration at the close of the summit that was held in Indonesia on Wednesday, which stated the need to abide by international law and a multipolar world order, which if combined, would maintain peace and stability.
The summit's joint statement stressed that it is considered "unacceptable" to use or threaten to use nuclear weapons, adding that most member states denounced the war in Ukraine, though some others had diverging views on the matter.
The war in Ukraine, according to the statement, is deteriorating the global economy, limiting its development, increasing inflation, impeding supply chains, and threatening food and energy security. the statement further emphasized the importance of a decision being made by the G20 members to avoid famine and instead build food supply chains.
G20 states' central banks will work on addressing financial limitations while focusing on global inflation, while stressing that monetary stimulus policies have to be temporary solutions and directed at aiding those in need without raising prices.
The central banks of the member states will continue to maintain efforts to contain monetary policies, while addressing concerns about the impact that US interest rate hikes could have on their emerging markets.
The member states further asserted the need to avoid fluctuating exchange rates, as they admitted that many currencies have taken a hit this year.
As for debts, they also displayed concerns regarding the worsening situations of some developing countries and stressed the need for creditors to share their burdens.
On a separate note, on the Black Sea grain initiative, the states urged for its implementation with all involved parties, adding that the support of UN Secretary-General Antonio Guterres is necessary for the efforts to persist.
The summit’s host, Indonesia, called for the war in Ukraine to stop, and urged unity and focus on issues such as inflation, hunger, and rising energy prices that increased as a result of the war in Ukraine.
