The Group of 20 (G20) Finance Ministers and Central Bank Governors concluded their meeting in India on Saturday, Feb. 25 reiterating their commitment to enhancing international policy cooperation and steering the global economy towards strong and inclusive growth.

They also recognized the need to address debt vulnerabilities in low and middle-income countries.

The G20 comprises the world's largest economies and includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, the UK, the U.S., and the EU.

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At the conclusion of the two-day meeting in India's southern city of Bengaluru, the meeting's outcome document stated that the global economic outlook had modestly improved since their last meeting in October 2022, Xinhua News reports.

"However, global growth remains slow, and downside risks to the outlook persist, including elevated inflation, a resurgence of the pandemic and tighter financing conditions that could worsen debt vulnerabilities in many Emerging Market and Developing Economies (EMDEs)," the document also said.

At the end of the G20 talks on Friday, Feb. 24, the Group of Seven (G7) which includes Canada, France, Germany, Italy, Japan, the UK and the U.S. announced new sanctions against Russia for its actions in Ukraine.

U.S. Treasury Secretary Janet Yellen called Russia's actions an “illegal and unjustified war against Ukraine” at a session attended by Russian officials and reiterated calls for G20 nations to do more to support Ukraine, the Associated Press reported.

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