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G20 finance chiefs reach 'strong consensus' in Indonesia but no formal communique

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Analysts say the failure to agree on a communique reflects the weakness of the once-mighty economic grouping.

Indonesian Finance Minister Mulyani Indrawati attends the G20 Finance Ministers Meeting in Nusa Dua, Bali, Indonesia on Saturday, July 16, 2022. - Reuters

Western countries have enforced strict sanctions on Russia, accusing it of war crimes in Ukraine that Moscow denies. Other G20 nations, including China, India and South Africa, have been more muted in their response. Indonesian central bank governor Perry Warjiyo on Saturday urged member countries to stay focussed on goals of global economic recovery as Russia's invasion - which it calls a"special military operation" - overshadows successive rounds of multilateral talks.

Indonesian Finance Minister Sri Mulyani, who chaired the two-day meeting, had hoped delegates could jointly address rising commodity prices, an escalating food-security crisis and the spillover effects on the ability of low-income countries to repay debt.

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