ministers

The G20 finance ministers and central bank governors are gathering in Bangkok, Thailand, on Thursday amid an uncertain global outlook shaped by the US-Israel war on Iran.

The meetings are being held in conjunction with the annual meetings of the International Monetary Fund (IMF) and the World Bank, taking place in the Thai capital from October 12 to October 18.

Here are some of the key details about the meetings:

What are the G20, the IMF and the World Bank?

The G20 is an economic forum comprising 19 large economies, including the United States, China, the United Kingdom, Australia, Brazil, India, Japan, Indonesia and Saudi Arabia, as well as the European Union and the African Union.

The grouping has an annually rotating presidency, currently held by the US.

Together, the G20 countries account for about 85 percent of global gross domestic product (GDP) and three-quarters of global trade.

The G20 was established in 1999 as a forum for finance ministers and central bank governors to address shared economic concerns in the wake of the Asian Financial Crisis, before expanding into a broader forum for national leaders.

The IMF, based in Washington, DC, is an international financial institution that promotes international cooperation on monetary policy, trade and economic growth.

Its membership includes all but a handful of the world’s sovereign states, including North Korea, Cuba, the Vatican City and Monaco.

The World Bank, also based in Washington, DC, primarily serves as a provider of loans and grants to developing countries. It has 189 member countries.

The IMF and the World Bank were created at the 1944 Bretton Woods conference in the US, convened by the Allied Powers to establish the contours of the post-World War II international financial order.

Who will be attending the meetings?

Most finance ministers and central bank governors of the G20 will be in Bangkok, along with IMF Managing Director Kristalina Georgieva and World Bank Group President Ajay Banga.

US Treasury Secretary Scott Bessent will be a notable absence from the gatherings, as the top economic official of the world’s biggest economy and G20 chair.

US officials have cited “domestic engagements” for Bessent’s decision to skip the events, at which Washington will be represented by Deputy Secretary Francis Brooke and Undersecretary for International Affairs Erin Browne.

The G20 meeting, one of several gatherings of the group’s finance ministers each year, will help shape the agenda for the headline leaders’ summit in Miami, Florida, taking place on December 14-15.

What is on the agenda?

The economic fallout from the US-Israel war on Iran is expected to dominate discussions.

Attacks across the Middle East have upended economic activity across the region, while disruption to shipping in the Strait of Hormuz has driven a surge in energy prices worldwide.

Crude oil prices have exceeded $100 a barrel for much of the past eight months, placing a strain on government coffers and household budgets, particularly in the Gulf region and the rest of Asia.

In advance of the meeting, Australia’s Treasurer Jim Chalmers MP said he would use the discussions to call for an end to the conflicts in the Middle East and the reopening of the Strait of Hormuz “because that’s what the global economy desperately needs”.

“The war in the Middle East is having a devastating economic impact and is pushing up fuel prices, inflation and interest rates around the world,” Chalmers said in a statement.

Other issues likely to feature on the agenda include the ballooning debt levels of many countries, which exceed 100 percent of GDP in the US, Canada, Japan, Italy and France.

In a speech on Wednesday, Georgieva warned that mounting debt posed a threat to the global economy and that there was no “magic” formula that would allow governments to avoid tax hikes or spending cuts.

G20 members will also bring more specific individual concerns to the table based on their economic and geopolitical priorities.

The US, for example, has repeatedly expressed concern about “global imbalances”, a veiled reference to China’s state-driven industrial model that has allowed Chinese exporters to flood overseas markets with cheap goods.

US President Donald Trump has long claimed that China’s large trade surplus, which stood at a cumulative $938bn in September, proves that international trade is stacked against US manufacturers.

In a statement addressed to the IMF on Wednesday, Bessent called for action to address mismatched trade balances.

“This especially includes strengthening its analysis and engagement on the role non-market policies and practices and exchange rates play in driving external imbalances,” Bessent said.

“Policymakers around the world are having difficult discussions about how to sustain market-based systems amid distortionary policies from some economies that skew competition and hurt employment.”

Divisions and competing interests cloud the prospects for coordination, however.

At the last meeting of G20 finance ministers in Asheville, North Carolina, US, held on August 31 and September 1, member countries failed to issue a joint communique after China objected to language to do with trade.

Chinese foreign ministry cites national sovereignty and Taiwan separatist activities as reasons behind the measures.

China has sanctioned Paraguay’s communications minister and Belize’s foreign minister over ties to Taiwan.

The Chinese Ministry of Foreign Affairs made the announcement on Monday, citing the safeguarding of China’s national sovereignty and opposition to Taiwan separatist activities as the reasons behind the measures, which went into effect the same day.

The measures against Paraguay’s Communications Minister Gustavo Villate and Belize’s Foreign Minister Francis Fonseca include the freezing of their assets in China and the denial of entry visas to Hong Kong and Macau.

The sanctions also prohibit Chinese organisations and individuals from engaging in transactions, cooperation or other activities with the ministers.

The Foreign Ministry said that “certain anti-China politicians” who are “driven by self-interest” have pushed their nations to maintain diplomatic relations with Taiwan.

Beijing said the ministers had “taken a series of egregious actions and statements”, which are “damaging China’s core interests”.

Paraguay and Belize are two of 12 countries that maintain formal diplomatic relations with Taiwan.

China views Taiwan as its territory, a view the island’s government strongly rejects.

The measures come two days after Taiwan’s National Day celebration.

In a National Day speech outside the Presidential Office on Saturday, Taiwan President William Lai Ching-te said the island “cherishes peace” and will “not give up our freedom”.

China’s Taiwan Affairs Office condemned Lai’s speech, saying it “disregards facts, ⁠distorts the truth, misleads the public, and reveals ulterior motives”.

In January, Chinese President Xi Jinping pledged to achieve the “reunification” of China and Taiwan, calling the goal “unstoppable”.

Diplomatic relations

Paraguay’s Communications Minister Villate marked Taiwan’s National Day with a social media post, saying: “Paraguay reaffirms its relationship of friendship and cooperation, based on shared values and principles: the self-determination of peoples, human rights and democracy.”

The Belize embassy in Taiwan also posted a message on its Facebook celebrating the 37th anniversary of their diplomatic relations.

“Together, we look forward to a future of growth, opportunity, and lasting friendship,” the embassy wrote.

Last month, Taiwan’s Foreign Minister Lin Chia-lung visited Belize. His ministry said the two sides had agreed to deepen ties.

Taiwan’s other allies in the Americas include Guatemala and Haiti. It also has formal diplomatic ties with three Caribbean islands.

The United States does not have ⁠formal diplomatic ties with Taiwan, but Washington is bound by law to provide the island with the means to ‌defend itself.

Earlier this month, the US delivered two fighter jets to Taiwan as the island seeks to build its defence capabilities to deter a feared attack from China.

Hungary’s Parliament lifts immunity of incumbent leader and two ex-Orban ministers, clearing the way for criminal probes.

Hungary’s Parliament has stripped Prime Minister Peter Magyar and two ministers in former leader Viktor Orban’s nationalist government of their immunity, clearing the way for prosecutors to pursue separate criminal investigations into each of them.

The vote on Monday came after Magyar, who is being investigated for theft, specifically asked for his immunity to be lifted so he could clear himself of “character assassination”. The probes against the Orban-era ministers – who are suspected of embezzlement and bribery – are the first corruption investigations against top government figures from Orban’s 16 years in power.

Legislators voted overwhelmingly in favour of lifting their immunity.

Orban’s Fidesz party and its ally KDNP boycotted the session.

The vote was in response to a request last week from prosecutors seeking to investigate Magyar, as well as former Minister of Culture Balazs Hanko and former Minister of National Development Miklos Sesztak.

Magyar is being investigated over an incident at a Budapest nightclub in June 2024, when prosecutors allege he took a mobile phone from a man filming him and threw it into the Danube River.

Magyar has called the case a “sham” and last week accused prosecutors of trying “to conflate” the ex-ministers’ cases “with the attempt at political character assassination… which has already failed several times”.

Corruption cases

Hanko, a legislator from Orban’s Fidesz party, is accused of embezzling more than 40 million euros ($46m) in public funds. Prosecutors allege the money was used to help finance the 2026 parliamentary election campaign and for the personal benefit of others.

Sesztak, a lawmaker from KDNP, is under investigation over allegedly accepting more than $37.2m in bribes and kickbacks connected to vehicle procurements under Hungary’s state bus company, as well as to state construction projects.

Both ministers deny any wrongdoing.

The cases come less than six months after Magyar’s Tisza party ended Orban’s 16 years in power with a landslide election victory. Magyar campaigned on pledges to tackle corruption, restore rule-of-law safeguards, and rebuild Hungary’s strained relationship with the European Union.

His government has since made fighting alleged corruption and overpriced public procurement a central part of its programme, including plans for a new asset-recovery office focused on wrongdoing linked to the Orban era.

Ministers demand an end to maritime shipping attacks and urge Iran to stop arming the Yemeni group.

The foreign ministers of the Group of Seven (G7) nations have condemned what they called “unacceptable continued strikes” by Yemen’s Houthis against Saudi Arabia.

The ministers issued the statement on Monday following an informal meeting on the sidelines of the United Nations General Assembly in New York.

“We condemn in the strongest terms the unacceptable continued strikes carried out by the Houthis in Yemen and against the Kingdom of Saudi Arabia,” the ministers of the UK, Canada, France, Germany, Italy, Japan and the United States said in the statement.

The ministers urged the Houthis “to immediately cease all military actions, all threats and attacks against civilian shipping, and to return to the political process in good faith”.

They also called on Iran to stop arming and supporting the group, saying Tehran is in violation of past UN Security Council resolutions. They added that Iran’s backing of the Houthis constituted a dangerous pattern of escalation that risked undermining international trade and creating global instability.

The latest escalation in the Arab region’s most impoverished nation follows a period of relative calm that had largely held since the UN-brokered ceasefire in 2022 between the Iran-aligned group and the Saudi-backed Yemeni government.