Remarks by the Deputy Prime Minister and Minister of Finance following the G20 Finance Ministers and Central Bank Governors Meeting in Indonesia

Speech

July 16, 2022

Over the past two days, I joined Canada’s G20 partners in Indonesia. Among other topics, we discussed:

  • The continuing impacts of Putin’s barbaric invasion of Ukraine;
  • The global challenge of inflation that is making life more expensive for people around the world;
  • Ensuring global food and energy security; and,
  • The global economy’s ongoing recovery from the COVID recession.

At the G20 meeting, I also held bilateral meetings with:

  • Kristalina Georgieva, The Managing Director of the IMF;
  • Jim Chalmers, Treasurer of Australia;
  • Nirmala Sitharaman, India’s Minister of Finance;
  • Sigrid Kaag, Minister of Finance and Deputy Prime Minister of the Netherlands;
  • Nureddin Nebati, Türkiye’s Minister of Treasury and Finance; and,
  • Enoch Godongwana, South Africa’s Minister of Finance.

This is an incredibly challenging time for the global economy and for Canada too.

Life is more expensive for people in Canada and around the world. Supply chains have been disrupted and the pandemic exacted an economic as well as a human toll.

And since February we have been facing the economic consequences of Vladimir Putin’s illegal invasion of Ukraine.

The meetings we had this week were of the G20, the world’s leading economies—and this is a forum where we are able to come together and address the most pressing economic issues that all of our people face.

During the meetings, Canada objected strongly and clearly to the presence of Russian officials.

Russia’s presence at this meeting was like inviting an arsonist to a meeting of firefighters.

That’s because Russia is directly and solely responsible for the illegal invasion of Ukraine and its economic consequences, which are being felt by us all.

Canada also made it clear that Russia’s economic technocrats who work to fund Putin’s war machine are personally complicit in Russia’s war crimes just as Putin’s generals are.

And Canada also made it very clear that we are convinced that Ukraine must win this war to defend its sovereignty, to defend its democracy, and for the sake of the global economy.

The Russian invasion is the most serious threat that the world economy faces. And it happens as we emerge from the COVID-19 recession.

Canada understands this and so do our G20 allies.

Thank you. I would be happy to respond to any questions.

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