Indonesia Calls for Macroeconomic Policy Synergy at G20 FWG Meeting

JAKARTA, January 16, 2022 – G20 Indonesia represented by Bank Indonesia and the Finance Ministry held G20 Framework Working Group (FWG) virtual meeting on January, 13—14. FWG is a G20 working team which is focused to discuss efforts to encourage a strong, sustainable, balanced, and inclusive global growth.

On the first day, Indonesia led the meeting which discussed global economy development, FWG work plan, and major risks faced by the world. The increase in the COVID-19 cases originated from the Omicron variant dominated the discussions as it gives an impact on the various economic recovery among countries. Therefore, G20 countries encouraged the acceleration of vaccine distribution and vaccination programs in all countries, particularly in developing and least developed countries that have limited access to vaccines.

Communications and Informatics Ministry’s public information and communications director-general Usman Kansong as the chairman of media and communications executive team of the G20 Presidency National Committee said, “FWG G20 meeting is an important event where world’s leaders sit together to discuss the global economic recovery affected by the pandemic. We hope this meeting can produce a collective solution and a policy synergy in the economic sector in responding to various future socio-economic challenges. Under the spirit of inclusive collaboration, we are optimistic that this forum can realize the global economic recovery.”

The FWG members also underlined the importance of targeted economic policies implementation to increase productivity and to drive growth in the long term, particularly in the areas of education and workforce. On the issue of major risks faced by the world today, FWG highlighted that the recalibrated macroeconomic policies to encourage economic recovery, inflation, and disruption in the supply chain needed to be the world’s attention. The meeting participants also supported the work program prepared by Indonesia and the FWG Leadership and supporting policies that have communications and planning related to exit strategies and scarring effects.

The United Kingdom led the session on the second day which discussed the implications of inflation on macroeconomic policy. FWG saw that the COVID-19 pandemic crisis is different than previous crises in which the macroeconomic policy support has been coordinated better, so it can accelerate the recovery. Meanwhile, the inflations in a number of countries require macroeconomic policy calibration in the area of fiscal, monetary, and financial systems to ensure economic recovery stability. G20 countries also underlined the importance of knowledge and views sharing in formulating macroeconomic policies to support the economic recovery and better as well as strong economic growth in the long term.

The results of FWG’s two-day meeting have provided direction on its 2022 agenda and become part of the topics that will be reported in the ministerial-level meeting of G20 Ministers and Central Bank Governors in February 2022.

G20 PRESIDENCY STRENGTHENS INDONESIA’S LEADERSHIP IN THE EYES OF THE WORLD

Jakarta, January 10, 2022 – Indonesia’s G20 presidency will reaffirm Indonesia’s leadership in the world’s eyes. Actualizing this, Indonesia endeavors to fight for the interests of developing countries for them to achieve positive impact from the meetings to be held this year. Considering this association of influential countries has a significant impact on the global economy and other sectors.

This endeavor has crucial meaning considering that Indonesia is currently a developing country that requires a set of policies which make positive impact on people’s lives in various sectors. Therefore, it is expected that the agreement achieved through the G20 meetings will create great opportunities for this nation’s sectors to develop. “We will use this to fight for the interests of Indonesia as well as the interests of developing countries,” said President Joko “Jokowi” Widodo virtually on the Presidential Secretariat’s Youtube channel today (Jan 10).

This endeavor, President Jokowi continued, must be echoed in the annual international event. The reason is because cooperation between countries is required in facing various challenges that arise over time. This will help us solve every challenge arises in a relatively shorter time.

In the future, there are challenges to be effectively tackled together, including building global health governance and a more just world economic governance. Such cooperation will strengthen all countries in facing various challenges that arise along with the development of the era.

“Indonesia will continue to strive to build health governance and world economic governance, which is more just, more robust in the face of the increasing uncertainty and complexity of global problems,” he said.

As we all know, the members of the G20 consist of South Africa, the United States, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, the United Kingdom, Italy, Japan, Germany, Canada, Mexico, Republic of Korea, Russia, France, China, Turkey, and the European Union.

On October 31, 2021, President Jokowi officially received the baton for the G20 Presidency from Italian Prime Minister Mario Draghi. Next, Indonesia will hold the G20 Chairmanship or Presidency starting from December 1, 2021 until early November 2022. During the chairmanship, Indonesia will hold the G20 Summit and a number of other related international meetings.

Carrying the theme “Recover Together, Recover Stronger”, the G20 Indonesia Presidency encourages joint efforts to recover together and grow stronger and more sustainable.***

Chairman in Charge of G20 2022 Side Events, Trade Minister, Ensures Local Wisdom Becomes added-value

Jakarta, January 7, 2022 – The Minister of Trade of the Republic of Indonesia as well as the Chairperson in Charge of Organizing the G20 Side Events, Muhammad Lutfi, ensured that Indonesian local wisdom will become the added value of the 2022 G20 Side Events agenda. This also serves as an effort to give due prominence to Indonesia’s Presidency at this year’s G20 in its efforts to restore the world economy.

Trade Minister also optimistic that all G20 Side Events agenda will have an important impact on the entire series of G20 Meetings held in Indonesia this year. Recorded on December 24, 2021 as the deadline for the G20 Side Events inventory, there are 121 side events to be held in 20 Indonesian cities from December 2021 to October 2022.

“The G20 Side Events aim to give G20 members a more complete understanding of the priority agenda of the G20 Presidency. The G20 Side Events must also be a showcase of the positive image of Indonesia’s development and culture. The showcase of the philosophy of noble cultural values ​​is displayed periodically in a number of separate side events. The organisation of side events is expected to have an impact on the economy, both in the region where the event is held and in Indonesia in general,” said Trade Minister.

According to Lutfi, the momentum of Indonesia’s Presidency in the G20 is very crucial. Indonesia is playing its active role as part of the world’s efforts to recover from the Covid-19 pandemic, while making an endeavour to revive the world economy which has been affected by the pandemic.

“The G20 meeting must become a platform to introduce lifestyle, resilience in crises and pandemics, as well as the ability to restore health, the economy, and superior products of the G20 members so that they can help drive the global economy,” said Trade Minister.

Of the 121 side events, seven will be held during the G20 Summit series of activities in Bali in October 2022. The forms of this year’s side events include seminars, economic cooperation forums, cultural performances, trade promotions, exhibitions, kick-off meetings, and field reviews.

At least 15 ministries and seven institutions are in charge of side events activities during the G20 series of events are held in Indonesia. The 15 ministries include the Ministry of Trade, Ministry of Finance, Ministry of Industry, Ministry of Communications and Informatics, Ministry of Women Empowerment and Child Protection, Ministry of Agriculture, Ministry of Health, Ministry of Tourism and Creative Economy, Ministry of Manpower, Ministry of Environment and Forestry, Ministry of Investment/Investment Coordinating Board, Ministry of National Development Planning/Bappenas, Ministry of Youth and Sports, Ministry of Home Affairs, and Ministry of Cooperatives and SMEs.

Meanwhile, the seven institutions include Bank Indonesia, the Corruption Eradication Commission, the Indonesian Academy of Sciences, the National Research and Innovation Agency, the Supreme Audit Agency, Indonesian Youth Diplomacy, and the Chamber of Commerce and Industry.

“Synergy of all relevant ministries and institutions is needed to make Indonesia’s G20 Presidency 2022 a success, including the implementation of a series of side events. Indonesia’s success in this year’s G20 Presidency will accelerate the recovery of global conditions after the Covid-19 pandemic and also encourage Indonesia to recover from the pandemic,” concluded Trade Minister.