Finance
G20 finance chiefs fail to issue joint statement amid war in Ukraine
Finance chiefs from the Group of 20 advanced and emerging economies on Thursday failed to issue a joint statement amid disagreements over Russia’s war in Ukraine and the Hamas-Israel conflict.
Russia’s invasion of Ukraine has exposed a deep division within the G20 between Russia and China on the one hand and Western nations that have levied sanctions on Moscow on the other.
Brazil, which holds the G20 presidency this year, issued a chair’s summary wrapping up the two days of talks, mentioning in a footnote the finance forum is not the appropriate place to discuss geopolitical issues.
It is not the first time that the group has failed to issue a joint communique, though the finance chiefs did so after reaching a consensus in the previous meeting last year.
G20 finance ministers and central bank governors meet in Sao Paulo, Brazil, on Feb. 29, 2024. (AP/Kyodo)
“More than a few countries strongly condemned Russia’s invasion and the terror attack by Hamas (on Israel), and expressed concern about the alarming humanitarian crisis in Gaza,” Masato Kanda, vice finance minister for international affairs, told a press conference.
“Given the serious negative impact of Russia’s invasion of Ukraine on the global economy, Japan is of the view that the issue should be addressed by the G20,” he said. Kanda attended the meeting on behalf of Finance Minister Shunichi Suzuki, who stayed in Japan for Diet deliberations.
Besides disagreements over geopolitics, the G20 finance ministers and central bank governors shared the view that the global economy is headed for a “soft landing,” meaning that a recession will likely be avoided, according to Kanda.
The chair’s summary noted wars, conflicts, economic divisions and trade protectionism as downside risks to the economy. It retained its existing commitments related to foreign exchange rates.
Despite slowing growth, the global economy has so far avoided a recession that was feared after aggressive interest rate hikes in major economies like the United States and the eurozone and property woes in China.
The G20 has maintained that foreign exchange rates should reflect economic fundamentals, noting that volatile and disorderly moves would negatively affect the global economy.
Brazil has prioritized fighting inequality and creating a sustainable and just world.
During the finance chiefs’ meeting, Brazilian Finance Minister Fernando Haddad called for more equitable taxation targeting the super-rich.
The group consists of the Group of Seven — Britain, Canada, Germany, France, Italy, Japan, the United States and the European Union — along with Brazil, Russia, China, India and Saudi Arabia among others.
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Finance
Martha Aguirre, former El Paso ISD interim superintendent, resigns as CFO as district finds ‘key financial challenges’
El Paso Independent School District Chief Financial Officer Martha Aguirre, who served as interim superintendent last year, resigned this week as the district said it had discovered “key financial challenges.”
The district issued a news release late Thursday afternoon that lacked details but indicated that a recent review had raised questions about the district’s fund balances, a key indicator of financial health.
“Through this process, key financial challenges were identified that must be addressed prior to closing out the 2025-26 school year including a current budget shortfall that is being actively addressed ahead of the district’s final financial presentation to the Board of Trustees in June,” the news release said.
A CFO is charged with developing a school district’s budget and overseeing its finance department. The EPISD Board of Trustees must adopt a budget for the 2026-27 school year by the end of the fiscal year June 30. The operating budget for the current school year is $547 million.
EPISD Deputy Superintendent David Bates will oversee the budget while the district searches for an interim and permanent CFO, district officials said in a statement.
EPISD Board President Leah Hanany said trustees were notified about Aguirre’s resignation this week. She said the district plans to give the public more information on the current year’s budget during a board meeting later this month.
“The board was also notified of a potential budget shortfall for the 2025 budget, but we don’t have final numbers yet. My understanding is that we are still primed to pass a balanced budget for fiscal year 2026-27 in June,” Hanany said in a statement.
Aguirre could not be reached for comment. EPISD’s CFO makes $148,200 to $209,900 a year, according to the district’s administrative pay plan.
She served as EPISD’s interim superintendent from June to December 2025 after the district’s former superintendent, Diana Sayavedra, resigned under pressure from the board. She returned to her position as CFO when Brian Lusk was hired as EPISD’s new permanent superintendent.
Aguirre’s resignation comes amid an uncertain budget season after a state funding calculation error tied to school property tax breaks caused EPISD to lose out on $17 million in projected revenue. In late April, EPISD officials estimated it would cause the district’s spending to exceed its revenue next year by $10 million.
The district is also considering calling for a bond election in November to upgrade its aging campuses as part of the larger 2024 Destination District Redesign initiative to close schools and improve the ones that remain open.
El Paso Teachers’ Association President Norma De La Rosa said Aguirre’s departure was unexpected.
“We’re right in the middle of the committee meetings for a possible bond and getting ready to get that budget to the June board meeting for next school year. So, to say that I’m highly surprised is an understatement,” De La Rosa told El Paso Matters.
Aguirre started working with the district in 1996 as a general clerk, according to a video published by the district.
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