STRATEGIC ASSESSMENT. The G20 finance ministers and central bank governors’ meeting discussed a wide range of major economic issues, including the spillover from the Ukraine crisis and the need for a regulatory framework on crypto assets. Finance ministers and central bank governors of the G20 countries met on Feb. 17 to 18 to discuss a wide range of major economic issues at a time when countries were facing an uneven recovery from the COVID-19 pandemic.
The meeting, chaired by Indonesia, had six agenda items, namely global economy and health, international financial architecture, financial sector issues, sustainable finance, infrastructure, and international taxation. Indonesian Finance Minister Sri Mulyani Indrawati, who chaired the sessions, said the sue agenda items were important, relevant and had a huge impact on the world. These six were in line with the priority of the Indonesian G20 presidency.
In her speech before the foreign ministers of the Indo-Pacific region in Paris, France, Foreign Minister Retno Marsudi reminded about the unfavorable situation in the post-pandemic economic recovery. Retno reiterated President Jokowi’s statement in G20 meeting a few days ago that now is not the time to start new competition and tensions that disrupt the global recovery. Indonesia’s G20 and France’s EU Council presidencies this year are expected to encourage global political actors to refrain from triggering a bigger conflict that will impact the international community.
As the rotating chair and host of the G20 this year, Indonesia plays an important role in leading the world’s agenda. Many global problems need to be addressed as part of global recovery efforts post-COVID-19. Through the theme of “Recover Together, Recover Stronger”, the country invites the world to focus on global cooperation for the post-pandemic recovery and the importance of sustainable development going forward.
However, with heightening geopolitical tensions, it will be a challenging journey if there is a lack of mutual understanding in approaching these issues. One of the most important issues on the G20 agenda is how developing economies can be protected from the spillover effect of the exit policies of advanced countries during the economic recovery, including the scarring effect of the post-pandemic crisis. Hence, Indonesia has called for world solidarity in the economic recovery, so that nations can work hand in hand not only to recover together, but also recover stronger.
State-Owned Enterprises Minister Erick Thohir on Tuesday said that his ministry and all state-owned enterprises are ready to support the organization of G20 events under Indonesia’s Presidency. He said the support will cover infrastructure, telecommunications, energy, as well as transportation. Erick said Indonesia’s Presidency of the G20 is an honor for the Indonesian people as well as proof of the world’s trust in the country’s ability to lead a forum that resolves global issues and challenges.
The Public Works and Public Housing (PUPR) Ministry is making all-out efforts to accelerate infrastructure improvements in Bali to support Indonesia’s G20 Summit in October 2022. PUPR Minister Basuki Hadimuljono on Tuesday said Bali will be made more environment-friendly through regional infrastructure revamping supported by massive greening, including through the preservation of roads and bridges, the mangrove forest area designing, and rehabilitation of the Muara Nusa Dua Reservoir. The ministry director Diana Kusumastuti expressed optimism that the activities to improve infrastructure supporting the G20 Summit will be completed by July 2022, so it can be used in October 2022 (Red/many sources).
