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Chancellor of the Exchequer Nadhim Zahawi today (Friday 15 July) attended his first G20 Finance Ministers and Central Bank Governors Meeting virtually to discuss the global economic outlook
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He reaffirmed the UKs ongoing support for Ukraine, and strongly condemned Russias invasion and its ongoing disinformation campaign about economic impacts of the war
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G20 partners also discussed efforts to support vulnerable countries and to tackle food and energy insecurity
The Chancellor used his first multilateral meeting to reaffirm the UKs unwavering support for Ukraine and joined the G7 and other like-minded countries in condemning Russias illegal and barbaric actions. He also emphasised the economic impact of the invasion and spoke out against Russias campaign of disinformation intended to deflect responsibility for its actions.
Russias invasion is exacerbating the challenges faced by the G20 and others in the wake of the pandemic, and putting acute pressure on inflation and the rising cost of living globally.
During the meeting the Chancellor of the Exchequer said:
We are unwavering in our support for Ukraine.
The UK stands steadfast with our partners in condemning Russias illegal and barbaric actions. Putins illegal war has disrupted the supply of food, energy and other vital goods, has caused prices to rise and is exacerbating the challenges the global economy was already facing as we bounced back from the pandemic.
The Chancellor then called on the G20 to step up its support for the worlds vulnerable countries, who have been especially impacted by the challenges facing the global economy.
He called on all G20 members to introduce swift implementation of the Common Framework, which looks to ease sovereign debt challenges facing vulnerable countries to help them restore debt sustainability. He also commended the Indonesian G20 Presidency for putting food security at the top of the agenda and highlighted the UKs commitment to provide an additional 372 million this year to those countries impacted by higher food prices.
The Chancellor also highlighted the shared challenges many G20 countries including the UK face at home, including the rising cost of living.
Domestically, the government has provided 37 billion of targeted support to UK households most in need, with millions of households receiving 326 to help them with the cost of living.
Further information
- TheCommon Framework for Debt Treatments beyond the DSSI is an agreement of the G20 and Paris Club countries to coordinate and cooperate on debt treatments for up to 73 low income countries that are eligible for the Debt Service Sus