Argentina calls for multilateralism in the G20 to overcome the global crisis

The Argentine Minister of Economy, Silvina Patakis, claimed today, Friday, the importance of multilateralism and international economic cooperation “to emerge stronger from the global crisis”, within the framework of the meeting of the heads of finance, economy and central bank governors in the Argentine Republic. The Group of Twenty in the Indonesian island of Bali until Saturday.

The minister, who took office on July 4 to replace Martin Guzman, called on G20 member states to seek “solutions to rising inflation on a global scale and to reduce the effects of the economic crisis, especially for developing countries,” according to statements compiled by Argentina’s Ministry of Economy in a statement.

The increase in international food and energy prices, as a result of the Russian invasion of Ukraine, affected Argentina in particular, accelerating its inflation growth, which saw an annual rise of 64% in June, the highest figure. In thirty years.

In this sense, Patakis acknowledged that the global political and economic landscape “has become significantly more complex in recent months, directly affecting the economic recovery” of countries such as Argentina, whose GDP recorded a 10.3% rebound last year.

“Rising global inflation, especially food and energy prices, not only increases food and energy insecurity, but also increases global inequality,” the Minister lamented.

Defending international cooperation

The President of the Palacio de Hacienda highlighted the need to “work together” to promote this process of economic recovery after the coronavirus pandemic, and urged her peers “to take bold decisions to minimize the effects of the crisis, bearing in mind that these will have positive impacts on the countries of the global south.” “.

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Patakis stressed during his speech that governments should be “cautious” when implementing and communicating with their economic policies, and reiterated Argentina’s commitment to multilateralism, noting that these types of meetings are “essential” to “exit stronger from this crisis.”

At the end of her speech, the Argentine Minister of Economy emphasized that the South American country is “taking measures to promote economic recovery” while moving “towards financial convergence”, according to the agreement between the Argentine government and the International Monetary Fund. ).).

“In parallel, we continue to protect the most vulnerable by implementing specific economic and social policies,” Patakis concluded.

The two-day meeting of finance ministers and central bank governors of the Group of Twenty (G20) began Friday on the Indonesian island of Bali with a focus on the growing social instability and foreign debt repayment difficulties in many countries due to the complex systemic crisis.

The G20 is made up of Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia, South Africa, and Turkey in addition to European Union.

Among the invited countries are Spain, the Netherlands, Fiji, Cambodia, Rwanda, Senegal, Singapore and the United Arab Emirates.

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