Connect with us

News

G-20 finance chiefs pledge to tackle rising food crisis, but remain split over Russia’s role in it

Published

on

During the talks, financial leaders from Western countries accused Russian economic technocrats of complicity in Moscow’s invasion of Ukraine, while also pointing to the war as the cause of the current global economic headwinds.

By Linda Yulisman/The Straits Times/ ANN | Jakarta | July 17

Finance chiefs from the Group of 20 largest economies (G-20) committed to tackling the worsening food insecurity, but remained deadlocked over Russia’s role in the crisis during the two-day meeting in Bali that ended on Saturday (July 16).

The finance ministers and central bankers did not issue a joint statement after the meeting, but agreed with most points in the chair’s summary – which covered various issues from macroeconomic stability to sustainable finance – produced by host Indonesia.

Russia’s war in Ukraine is “an issue members cannot reconcile”, said Indonesia’s Finance Minister Sri Mulyani Indrawati at a media briefing.

During the talks, financial leaders from Western countries accused Russian economic technocrats of complicity in Moscow’s invasion of Ukraine, while also pointing to the war as the cause of the current global economic headwinds.

Russia, on the other hand, blamed Western sanctions for blocked food shipments and surging energy costs.All members agreed that “a lot of attention, and intervention, and policy” is needed to improve and correct the supply disruption in order to address the current food security issues, Dr Sri Mulyani said.

This, she added, will be carried out by removing trade restrictions and protectionism to ensure the smooth flow of food from producing countries to those in need. “That’s certainly a very strong signal from all of us,” she noted.

Dr Sri Mulyani also said that in order to yield “a very concrete action”, members will consider establishing a joint cooperation between finance and agriculture ministers.This would be similar to the collaboration between finance and health ministers that generated the financial intermediary fund (FIF) for pandemic prevention and preparedness, which received additional pledges of up to US$1.28 billion (S$1.8 billion) at the meeting.

Indonesia, which has upheld an “independent and active” foreign policy, has sought a balance within the group, where relations have been frayed by the Ukraine war amid mounting economic pressures from rising inflation.While Western countries have imposed sanctions on Russia, other G-20 members, such as China, India, and South Africa, have refrained from condemning Russia.

Moscow’s invasion of Ukraine overshadowed previous meetings of the grouping, including last week’s gathering of foreign ministers, which did not produce a joint statement at its conclusion.Russian Deputy Finance Minister Timur Maksimov was in Bali for the meetings, and there was no reported walkout by officials as he addressed the meeting on Friday.

At the July 8 meeting of G-20 foreign ministers, Russian Foreign Minister Sergei Lavrov left the meeting during what he called “frenzied criticism” from the West against Russia.Ukraine’s Finance Minister Serhiy Marchenko, who addressed the meeting on Friday virtually at the invitation of host Indonesia, underlined that Russia’s invasion of his country “clearly marks the end of the existing world order”, and demanded “more severe targeted sanctions” against Moscow.

Canadian Finance Minister Chrystia Freeland told Russian representatives at the gathering that they are responsible for “war crimes in Ukraine”.

“It is not only generals who commit war crimes; it is the economic technocrats who allow the war to happen and to continue,” she said Friday.

In the opening session on Friday, US Treasury Secretary Janet Yellen, who attended the two-day meeting in person, condemned Russia’s “brutal and unjust war”, saying Russian officials shared responsibility for the “horrific consequences” of the war.

In another session on food security, she also blamed Russia for a global crisis of food insecurity marked by soaring prices of food, fertiliser and fuel.She said Moscow’s actions – including the destruction of agricultural facilities, the theft of grain and farming equipment, and blockage of Black Sea ports – were tantamount to using food as a “weapon of war”.

Dr Yellen, during her bilateral meetings with senior officials from Saudi Arabia, Australia, South Africa and Singapore on Saturday, called for countries to support a price cap on Russian oil to limit the flow of cash to its military, the Treasury said.Singapore was among a few non-G-20 member countries invited, represented by Deputy Prime Minister and Minister for Finance Lawrence Wong in Bali.The G-20 on Saturday discussed digital finance, green economy, cryptocurrencies, international taxation, and post-pandemic financial stability, among other issues.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Navy seize Indian fishing trawler, nine fishermen poaching in Sri Lankan waters

Published

on

By

The Sri Lanka Navy seized an Indian fishing trawler and apprehended nine Indian fishermen whilst engaged in illegal fishing having crossed the International Maritime Boundary Line (IMBL) in Sri Lankan waters North of Talaimannar on Wednesday  (22 July 2026). evening.

Over 50 Indian fishing trawlers had trespassed into the Sri Lankan waters South of Iranativu engaging in illegal fishing. During the operation, one Indian fishing trawler was seized, while nine Indian fishermen on board were taken into custody

The apprehended fishermen and the seized trawler were handed over to the Fisheries Inspector of Mannar for onward legal proceedings.

Continue Reading

News

United Opposition moves to halt interference with judicial independence

Published

on

By Saman Indrajith

Leaders of all Opposition parties are scheduled to meet today (23) at the Opposition Leader’s Office, on Sir Marcus Fernando Mawatha, Colombo, to discuss future action against the proposed extension of the retirement age of superior court judges, which, they describe, as growing threats to judicial independence.

The special meeting has been convened by Opposition and SJB Leader Sajith Premadasa amid escalating tensions between the government and the Opposition over issues relating to the judiciary.

According to the Opposition Leader’s Office, the meeting is intended to formulate a collective response to, what it termed, a crisis facing the judicial system, alleging that arbitrary actions by the government have posed a serious challenge to the proper functioning and independence of the judiciary.

Former President Ranil Wickremesinghe, former President Maithripala Sirisena, former Prime Minister Dinesh Gunawardena, Sri Lanka Podujana Peramuna National Organiser and MP Namal Rajapaksa, Joint Opposition Convener Prof. G.L. Peiris, and leaders and representatives of all Opposition parties, are expected to attend.

The Opposition Leader’s Office noted that the meeting will mark the first occasion on which Wickremesinghe will visit the Opposition Leader’s Office, since Premadasa assumed office as the Opposition Leader.

The development follows an urgent meeting of Opposition MPs, chaired by Premadasa, at the Opposition Leader’s Office in Parliament yesterday after the government declined to permit a parliamentary debate on matters relating to the judiciary.

Opposition sources said that at the previous Party Leaders’ Meeting, Opposition parties had requested a debate, based on democratic principles, the tripartite system of government, comprising the Legislature, Executive and Judiciary, the separation of powers, and the system of checks and balances. However, the government had not agreed to allocate time for such a discussion.

Opposition MPs argued that issues affecting judicial independence should be openly debated in Parliament and warned that preventing such discussion could undermine democratic governance and accountability.

Addressing the meeting, Premadasa said the refusal to allow a debate on judicial matters was a setback to democratic principles and discussed with MPs the parliamentary and political measures to be pursued in response.

Among those present at yesterday’s meeting were MPs Rohini Wijeratna, Chithral Fernando, V. Radhakrishnan, Chaminda Wijesiri, Gayantha Karunathilaka, J.C. Alawathuwala, Sujith Sanjaya Perera, Kavinda Jayawardana, Chathura Galappaththi, Kabir Hashim, Ravi Karunanayake, M.S.A. Wazeed, Rohana Bandara, W.H.M. Dharmasena, B. Ariyawansa, Dayasiri Jayasekara, Anuradha Jayaratne, Harsha de Silva, Rishad Bathiudeen, Rauff Hakeem, Archchuna Ramanathan, Nizam Kariapper, M.S. Uthumalebbe, Chanaka Madugoda, Suranga Ratnayake and Selvam Adaikkalanathan.

The Opposition meeting today is expected to decide on a coordinated strategy, both inside and outside Parliament, regarding the proposed extension of judges’ retirement age and broader concerns over the independence of the judiciary.

Continue Reading

News

PM labels seven Presidential Houses white elephants ; govt. to make them commercially viable

Published

on

Dr. Amarasuriya

By Saman Indrajith

Prime Minister Dr. Harini Amarasuriya yesterday told Parliament that the government was considering commercially viable uses for seven Presidential Houses across the country, while continuing to bear the cost of maintaining the properties until such plans are implemented.

Responding to a question raised by Badulla District SJB MP Chaminda Wijesiri, the Prime Minister said Sri Lanka currently has seven Presidential Houses located in Colombo, Kandy, Nuwara Eliya, Kataragama, Anuradhapura, Mahiyangana and Bentota.

She identified the properties as the President’s House on Janadhipathi Mawatha, Colombo 1 and the ones located at Hill Street, Kandy; on Kandy Road, Nuwara Eliya; Kirivehera Road, Kataragama; in Old Town, Anuradhapura; in Mahiyanganaya; and in Bentota.

Providing details of maintenance and repair expenditure incurred on the properties from 2018 to date, Dr. Amarasuriya said the Government had spent Rs. 125 million in 2018, Rs. 77.2 million in 2019, Rs. 34.7 million in 2020, Rs. 28.8 million in 2021, Rs. 25.6 million in 2022, Rs. 37.4 million in 2023, Rs. 24.4 million in 2024 and Rs. 10.5 million in 2025.

Expenditure for the first six months of 2026 amounted to Rs. 3.04 million, she said.

The Prime Minister said a committee had been appointed in terms of a Cabinet paper submitted by the Ministry of Public Administration, Provincial Councils and Local Government and a subsequent Cabinet decision to examine options for the future use of the properties.

She said the committee had already submitted its recommendations, which include converting the premises into commercially viable ventures.

According to the Prime Minister, some former Presidential residences have already been converted into courthouses, while others are expected to be used for economically productive purposes.

“The government has to spend funds to maintain Presidential palaces until they are put to economically viable use,” Dr. Amarasuriya told Parliament.

Continue Reading

Trending