The latest draft, still in the finalization phase, mentions the risks of global fragmentation and conflicts in general terms but omits any direct reference to Russia’s invasion of Ukraine or the war between Israel and Gaza. The invasion of Ukraine by Russia almost exactly two years ago shook the G20, exposing long-standing rifts within the group and frustrating G20 officials’ efforts to reach a consensus on a final declaration or statement following their meetings.

Brazil aims to focus this week’s discussions on ending inequality, reforming international taxation, addressing sovereign debt difficulties, and working toward sustainable development.

Reforms of multilateral banks and financing for combating climate change will feature more prominently in the spring meetings of the IMF and World Bank to be held in Washington in April.

U.S. Treasury Secretary Janet Yellen is expected to underscore the importance of the G20, highlighting collaborative efforts to address global challenges such as sovereign debt and the COVID-19 pandemic, said a senior U.S. official.

An unresolved issue is the extent to which the United States, Japan, and Canada will prevail in demanding a mention of the economic impacts of geopolitical conflicts in the statement.