The crisis in Ukraine poses a serious threat to the post-pandemic global economic recovery, said Indonesian President Joko Widodo at a meeting of G20 finance chiefs, AFP reported.

Opening the two-day meeting, President Widodo warned of the risks to the fragile recovery.

He called on the G20, which includes Russia, to instead focus on cooperation to help stimulate the global economy.

US Treasury Secretary Janet Yellen, speaking by video link, proposed to invest in pandemic prevention and preparedness, warning that failure to close gaps in global health systems could result in “devastating” costs.

Calls for new funding systems are growing, especially after problems with the production and distribution of Covid vaccines.

Yellen said the funding needs were "undeniable", with estimates of the amount needed reaching $75 billion over the next five years.

Indonesian Finance Minister Sri Mulyani Indrawati said the G20 was discussing the creation of a fund to tackle future health crises, to be coordinated by the World Health Organization.

Efforts to strengthen the global health architecture can only be successful if they strengthen the role of the WHO, said Tedros Adhanom Ghebreyesus, the head of the organisation.

Another key theme was the rapid rise in global inflation and how central banks in developed countries continue to raise rates and withdraw massive pandemic stimulus measures without causing shocks in developing countries.

Removing stimulus "would potentially create a tighter global financial environment and could cause capital outflows from emerging markets", warned Perry Wargiyo, governor of Indonesia's central bank.