BANGKOK (AP) — Finance ministers from major Pacific economies pledged on Thursday to fight inflation and limit spending to maintain sustainable development at a meeting in Bangkok ahead of a summit next month.

On possible differences over Russia’s invasion of Ukraine, Thailand’s finance minister, host of the meeting, acknowledged that there were “diverse views” among officials of the Asia-Pacific Economic Cooperation Forum. Pacific (APEC for its acronym). English), which counts Russia among its 21 members.

China, also an APEC member, refrained from joining Western countries such as the United States, which condemned the attack and demanded Russia’s withdrawal.

But Minister Arkhom Termpittayapaisith said Thursday’s meeting focused on economic issues and how to deal with the ramifications of the crisis.

“The only thing we can do is understand that the situation has already happened,” Arkhom said. “The consequence of the situation is what we need to resolve by working together, especially the impact for the majority of the population, especially vulnerable groups.”

APEC economies are focused on finding ways to help people cope with rising prices driven by fallout from the pandemic and war in Ukraine, he said.

A statement from the meeting cited “unprecedented risks” as central banks suspend stimulus programs and raise interest rates to cool inflation to its highest level in decades.

The tightening of monetary policy comes at a time when one of the main engines of global economic activity, China, is experiencing a sharp slowdown in growth and a decline in its real estate sector.

Members of APEC, founded in 1989, are Australia, Brunei, Canada, Chile, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, China, Taiwan, Hong Kong, Mexico, Papua New Guinea, Peru, Russia and Vietnam.