00:00Russia's invasion of Ukraine has led to a significant worsening of growth
00:06prospects and a sharp increase in inflation expectations. Central banks
00:12have started to tighten monetary policy leading to an increase in borrowing
00:17costs. The disruption of food supply chains, particularly wheat, has pushed
00:24up prices and risks causing a humanitarian catastrophe. The G7 and European Union have
00:34shown remarkable unity in supporting Ukraine and in putting pressure on Moscow
00:40to end hostilities and resume negotiations. The European Union alone has
00:49devised six packages of sanctions that have dealt an important blow to the
00:55oligarchs close to the Kremlin and to key sectors of the Russian economy. For our
01:03efforts to be fully effective, they must be sustainable over time and bring on
01:09board emerging and developing economies. We must match the resolve we have shown
01:18towards Ukraine with the same determination in helping our own citizens and those in
01:27the poorest parts of the world, especially in Africa. Our efforts to prevent a food
01:34crisis must start from Ukraine's Black Sea ports. We need to unblock the millions of
01:43tones of serials that are stuck there because of the conflict. The United
01:49Nations mediation efforts are a significant steps and I think unfortunately the only ones.
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