Russia, China object to G20 Finance Ministers' meet outcome document deploring 'aggression against Ukraine'

New Delhi, July 19

China and Russia on Tuesday refused to support the G20 outcome document and Chair's summary, which at the culmination of the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting at Gandhinagar, deplored "in strongest terms the aggression by Russia Federation against Ukraine".

While China stated that the G20 FMCBG meeting was not the right forum to discuss geopolitical issues, Russia dissociated itself from the status of the document.

The outcome document deplored "in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks".

"The use or threat of use of nuclear weapons is inadmissible. The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue are vital. Today’s era must not be of war," the outcome document reiterated.

Meanwhile on host of other issues, it looked forward to an ambitious replenishment of the International Fund for Agricultural Development (IFAD) resources at the end of the year by IFAD members, to support IFAD’s fight against food insecurity.

The FMCBG welcomed the discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system.

It re-emphasised the importance of addressing debt vulnerabilities in low and middle-income countries in an effective, comprehensive and systematic manner.

"... We welcome all efforts for timely resolution of the debt situation of Sri Lanka, including the formation of the official creditor committee, and we call for the resolution as soon as possible," it said.

The G20 FMCBG reaffirmed the commitment made by developed countries to the goal of mobilising jointly $100 billion climate finance per year by 2020, and annually through 2025, to address the needs of developing countries, in the context of meaningful mitigation action and transparency in implementation.

"Developed country- contributors expect this goal to be met for the first time in 2023. In this context, we also support continued deliberations on an ambitious new collective quantified goal of climate finance from a floor of $100 billion per year to support developing countries, that helps in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement," the outcome document said.