JAKARTA - The Ministers of Finance and the Ministers of Agriculture of the G20 just after holding an important meeting in Washington DC, United States last week. On this agenda, immediate action is needed to overcome global food insecurity. This is the official broadcast of the Ministry of Finance of the Republic of Indonesia (Kemenkeu) today in Jakarta.
"Indonesia's presidency highlights that the world is waiting for the G20 to take concrete action on this critical issue, and it is the responsibility of members to show that the G20 can respond effectively to the crisis through coordinated multilateral actions," the Ministry of Finance said on Tuesday, October 18.
It was stated that since 2020 the risk to food and nutrition throughout the world has increased due to many factors, such as the unprecedented COVID-19 pandemic and extreme weather events.
Many members expressed the view that Russia's war against Ukraine exacerbates global food insecurity and is said to end the war, the minutes said.
One member expressed the view that unilateral sanctions had a negative impact globally on food insecurity, while some members noted that war-related sanctions in Ukraine were not targeted at agricultural or fertilizer goods.
Many members noted that the increasing food insecurity from vulnerable groups around the world had eroded progress in reducing poverty, achieving Sustainable Development Goals (SDG) and placing vulnerable communities and households at risk of poverty and greater malnutrition," he explained.
Furthermore, many members note that medium to long-term challenges still exist. It is revealed that there are more efforts to increase productivity and agricultural capacity, improve sustainable agricultural practices and respond to climate change, maintain open and transparent trade, and increase the availability of fertilizers.
Several members reaffirmed their commitment to use all available policy tools to address the risk of food insecurity. Many members support the need for increased cooperation to ensure global coordination of responses to tackle food insecurity, and note the need to work with other multilateral initiatives in this case while avoiding duplication, "wrote the report.
For information, members welcome several ongoing initiatives to address food insecurity that have been started by regional and international forums and organizations.
International organizations at the meeting detailed several of their initiatives, including the World Bank Group (WBG) food security response of US$30 billion and a global platform worth US$6 billion for private sector interventions.
Then, the Asian Development Bank (ADB) initiative of USD 14 billion to overcome food insecurity, as well as food security responses from Islamic Development Bank worth USD 10.5 billion.
Some expressed their support for the potential to stop debt payments if appropriate under the G20 Public Framework with other options is the debt reduction initiative, "said the minutes.
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