UK PM Rishi Sunak lays out 5-point action plan for G20 to tackle global economic crisis
Sunak is expected to urge a focus on energy security and reduce energy dependence on Russia; as well as bring an end to Russia’s stranglehold over energy prices
British prime Minister Rishi Sunak on Monday outlined five points for G20 countries to restore economic stability and address the ongoing war in Ukraine. Sunak’s office said in a release that he will call for “coordinated global action” to address the international economic crisis as well as the rising cost of living when he attends the G20 Summit in Indonesia today, Monday.
British Premier will underscore the need for coordinated global action to bring down the cost of living and end the war in Ukraine, “which is devastating the global economy,” Downing Street said in a statement.
He has set out a five-point economic action plan for leaders to address the current global instability, covering changes to the global energy market, international food supply, and the world financial system.
“Addressing the biggest economic crisis in a decade will require a concerted effort by the world’s largest economies – these are not problems we can solve alone,” British prime Minister Rishi Sunak said. “At the G20, leaders need to step up to fix the weaknesses in the international economic system which Putin has exploited for years,” he added.
Under his five-point economic action plan, Sunak will urge world leaders to use government support effectively to prioritize the most vulnerable, both in our own countries and internationally.
He will also appeal for an end to the weaponization of food production and distribution, and resort to immediate action to support the global food trade to reduce the cost of living for all and save the lives of those at risk of starvation. This includes the renewal of the Black Sea Grain Initiative on November 19 and a G20-wide commitment never to weaponize food production and distribution.
Sunak is also expected to urge a focus on energy security and reduce energy dependence on Russia; as well as bring an end to Russia’s stranglehold over international energy prices. His government will also unlock the investment needed to accelerate the green transition.
He also plans to boost the bilateral free trade agreements via reform of the World Trade Organization in order to ensure honest, reliable finance to help developing countries who have increasingly become dependent on their lenders.
Sunak to lay out ‘quickest ways’ to alleviate global economic hurdles
Sunak’s G20 address will be his first ever as the British leader and his first encounter with the Russian representatives since the brutal invasion that was launched in February. Indonesia’s G20 summit comes during challenging times as countries around the world face huge economic difficulties, caused or exacerbated by the Russia-Ukraine conflict.
The war has pushed global food prices up as the Ukrainian grain supply has been hindered, the energy bills have skyrocketed due to the Nord Stream sabotage, and the commodities prices have been soaring. The World Bank predicts that the economic aftershocks will ripple around the world for years and will be felt more in the developing world.
UK’s leader Rishi Sunak Prime Minister will use the G20 forum as an opportunity to “call out Putin’s barbarism and force Russia to confront the global suffering caused by this senseless campaign of violence,” said 10 Downing Street.
It continued that Sunak believes that the best and quickest way to alleviate the global economic hurdles and war impact is for Putin to withdraw troops from Ukraine. “But while this war continues, the world’s most powerful economies have a crucial role to play in addressing the desperate global economic situation, the UK government insists.
