US, UK and Canada walk out of G20 meeting over war in Ukraine | G20

The UK, US and Canada have staged a coordinated walkout of a G20 meeting in protest towards Russia’s invasion of Ukraine, amid rising dangers of division between main nations hitting the world economic system.

Representatives from the three nations left the session as Russian delegates spoke on the meeting in Washington. Sources mentioned the governor of the Bank of England, Andrew Bailey, and a senior Treasury official have been amongst these to go away the talks.

The walkout on the session, which was happening on the sidelines of the International Monetary Fund’s spring conferences, got here amid rising fears {that a} breakdown in worldwide relations would severely undermine the worldwide economic system’s recovery from the pandemic and add to hovering inflation, pushing thousands and thousands extra folks into poverty worldwide.

In feedback made shortly earlier than the protest, the top of the IMF, Kristalina Georgieva, warned 75 years of growth positive factors have been being put in danger by a splintering of worldwide cooperation.

Asked about experiences of a possible walkout on the G20 meeting, Georgieva mentioned the world had reached a “watershed moment” for world partnerships to sort out a spread of points together with the pandemic, war in Ukraine, the local weather emergency and rising poverty.

“There are clearly very, very unsettling facts we have to deal with. I can say honestly I never thought that I would live through another war in Europe on the scale this one takes place,”she mentioned.

“We also recognise how interdependent we are. Just make the list of questions – no country can solve [them] on its own. It is so obvious that cooperation must and will continue.”

The walkout got here as western leaders challenged Russia’s membership of the G20 group of main economies, which incorporates the US, UK, France and Germany, in addition to highly effective creating nations together with China, Brazil and India.

The chancellor, Rishi Sunak, tweeted that UK representatives had walked out of the meeting. “We are united in our condemnation of Russia’s war against Ukraine and will push for stronger international coordination to punish Russia,” he mentioned.

Sources mentioned the UK, US and different western nations have been pushing for a consensus position on Russia’s continued membership of the G20 and had questioned the attendance of Kremlin representatives.

The US Treasury secretary, Janet Yellen, instructed attendees she disapproved of a senior Russian official’s presence, in line with Reuters. The US Treasury mentioned earlier on Wednesday that Yellen met with Sri Mulyani Indrawati, the finance minister of Indonesia – which at present holds the rotating presidency of the G20 – to emphasize that there would “be no business-as-usual for Russia in the global economy”.

Mohamed El-Erian, a former deputy director of the IMF who’s now president of Queens’ College, Cambridge, mentioned the flare-up confirmed the G20 was not functioning as a global physique.

“The future of multilateralism is at risk at a time when we need it most,” El-Erian mentioned as he known as on governments to proceed to work collectively via various means.

“The G20 is too divided, and lacks continuity. Its always been a puzzle to me why it doesn’t have a secretariat. You go through presidency by presidency it changes every time. So very little gets done,” he mentioned.

“The one exception was the April 2009 London summit under Gordon Brown, that was the one exception. The G7 is too narrow in terms of membership. In terms of your existing tools it is a reformed and revamped IMF and World Bank.”

The IMF mentioned on Tuesday that dangers to the worldwide economic system have been rising as Russia’s war in Ukraine drove up inflation.

The Washington-based fund mentioned the war had elevated the danger of a extra everlasting fragmentation of the worldwide economic system into geopolitical blocs. Such a “tectonic shift” would entail excessive adjustment prices for the worldwide economic system, it mentioned.

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