G20 officials vow to tackle food crisis

JAKARTA－A two-day meeting of finance ministers and central bank governors of the Group of 20 ended on Saturday in Indonesia's Bali resort island, resulting in consensus to consolidate collaboration and cooperation to tackle the mounting food security crisis and related challenges.

"All finance leaders are in one voice that this food crisis issue needs a serious intervention," Sri Mulyani Indrawati, finance minister of host country Indonesia, told a news conference after the meeting.

She emphasized that G20 members would fix supply chain flows immediately through a common policy that will facilitate the distribution of food from the production sector to countries in need.

"We must facilitate the food supplies from the production sector to other countries in need. This is a strong signal for us to overcome (the food crisis)," Indrawati said.

The meeting took place after the International Monetary Fund slashed its global growth forecast, with another downgrade expected this month as US inflation is stoking fears of a recession.

Besides finance ministers and central bank governors from G20, the meeting was also attended by high-level officials from the IMF, World Trade Organization, Food and Agriculture Organization, International Fund for Agricultural Development, World Bank and the United Nations.

Indrawati said all delegates discussed exit strategies and the scarring effects of COVID-19, as well as the imbalance of supply and demand and soaring energy prices caused by the pandemic and recent geopolitical tensions.

"All of us have been committed to using all of our policy tools to maintain long-term fiscal stability," she added.

Bank Indonesia Governor Perry Warjiyo said G20 central bank governors talked about inflation occurring worldwide caused by soaring prices in commodities and the preparation to face another possible pandemic in the future.

"We also discussed strengthening the resilience of non-bank financial institutions, financial risks of climate change, the future of crypto assets, digital and inclusive economy, and data gaps initiatives," Warjiyo said.

He underlined the importance of focusing on solutions and spreading positivity to the global community related to efforts in accelerating the global recovery.

Xinhua - Agencies