G20 to help poorer nations hard hit my Mideast turmoil
Finance chiefs of the Group of 20 major economies agreed Thursday on the need to provide financial and humanitarian support for poorer countries hit hard by the fallout from the war in the Middle East.
Following their meeting in Washington, Japanese Finance Minister Satsuki Katayama told a press conference that there was a “common understanding” among the finance ministers and central bank governors, who also discussed global economic imbalances.
With the United States holding the group’s presidency this year, US Treasury Secretary Scott Bessent chaired the meeting on the sidelines of spring gatherings of the International Monetary Fund (IMF) and the World Bank.
Amid higher commodity prices and disrupted supply chains, Bessent spoke about the risks faced by vulnerable countries from the conflict’s fallout, citing food insecurity, which he said could be worsened by a potential serious shortage of fertilizers, according to Katayama.
In her curtain-raiser speech last week ahead of the meetings, IMF head Kristalina Georgieva warned that the ripple effects of the war will include not only diminished energy sources and disrupted supplies of essential industrial materials, but also the risk of pushing another 45 million people into hunger.
“Countries in the weakest economic position will be disproportionately affected,” Katayama said when she met the press with Bank of Japan Governor Kazuo Ueda. “If this problem drags on, the consequences will be extremely serious. We must resolve it as soon as possible.”
She said Bessent had also explained the United States’ position on its war with Iran, including calling on other G20 members, including Western powers, Brazil, China, India, and Russia, to cooperate on sanctions against Tehran.
