Many who expected that (1).........Group of 20, as an intergovernmental, premiumforum for international economic cooperation, would change the prospects of the gloomy outlook
of the global economy and would announce many concrete and collective programs of action to
address (2)...... global food and energy insecurity, the problems of high inflation and
rising interest rates, may be disappointed. But judging the two-day G20 Leaders' Summit mainly
from the contents of their declaration we may misunderstand the dynamics, potential and
limitations of the multilateral forum, in view of the complexity of the geopolitical tensions after the
Russian invasion of Ukraine, the European Union-Russia and United States-China tense
relations, abrupt economic slowdown and climate disasters, which have overshadowed the world
since March. (3)........ tasks of the Indonesian presidency of the G20 this year should
have been the most challenging of all previous leaders' meetings. Nevertheless, similar to the
G20 Rome Leaders' Declaration in October 2021, almost 50 percent of the 52 points of the 16-
page G20 Bali Leaders' Declaration still addresses the ongoing problems in the economy and
such sectors as fair, multilateral trade, energy and food security, financial structure and stability,
international taxation and investment, digital economy, debt restructuring etc. All the policy
recommendations are aimed to support (4)....... theme "Recover Together, Recover
Stronger," which Indonesia assigned to its presidency this year. (5)....... leaders also
reaffirm their commitment to stay agile and flexible in their macro-economic policy responses
and cooperation, make public investments and structural reforms, promote private investments
and strengthen multilateral trade and resilience of global supply chains to support long-term
growth and sustainable, inclusive, green and just transitions. They will also work to ensure long-
term fiscal sustainability, with our central banks committed to achieving price stability. (6)........
heads of state also stress their commitment to protecting macroeconomic and
financial stability and remain committed to using all available tools to mitigate downside risks,
noting the steps taken since the global financial crisis, to strengthen financial resilience and
promote sustainable finance and capital flows. Encouraging, too, is that (7)........
G20's Common Framework for debt treatment is finally beginning to deliver agreements with
several most vulnerable countries. But the summit should also be assessed from the series of
policy discussions conducted over the past 10 months by the 12 working groups, 10
engagement groups, finance ministers and central bank chiefs under the G20 umbrella. The
reports of those meetings were attached to the leaders' declaration. Yet, no less important were
the bilateral meetings of the leaders taking place on the sidelines of the summit as those
between the US and China and the exchanges of views among (8)...... thousands of
business leaders from across the world. As the summit coincided with the 2022 United Nations
Climate Change Conference (COP27) in Egypt, the gathering also witnessed (9.)...…....
very
Group, co-led by the US and Japan and President Joko "Jokowi" Widodo launched
(10)...... Tuesday a Just Energy Transition Partnership, which will raise about US$20
billion in government and private financing for Indonesia to enable the country to early retire its
coal-fired plants.
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