Commencing the first week of 3rd FMCBG, Finance Minister held a bilateral meeting and attend discussions

Nusa Dua, 11 July 2022 – The Minister of Finance of the Republic of Indonesia, Sri Mulyani Indrawati, and her team held a bilateral meeting with the Italian Minister of Finance, Mr. Daniele Franco virtually. During the meeting, both parties emphasized the importance of the G20’s role as an economic forum in helping to overcome various global risks, such as inflation, energy crisis, and food crisis. This bilateral meeting was held on the first day of the 3rd Meeting of G20 Finance Ministers and Central Bank Governors Meeting (FMCBG) which will be held from ld 15-16 July 2022.

“In order to overcome global economic challenges, the world needs to have a mutual complied mechanism, and this is our priority at the G20,” said Minister of Finance Sri Mulyani.

The Minister of Finance appreciated Italia’s support for the Indonesian G20 Presidency and underlined that Indonesia as the G20 Presidency would make every effort so that every point in this agreement could be accomplished within this year. For example, the establishment of the Financial Intermediary Fund (FIF) for Pandemic Prevention Preparedness and Response (PPR) in the Joint Finance and Health Task Force agenda and transitional framework in sustainable finance to support an equitable and affordable transition.  

During that meeting, Daniele Franco expressed his full support for the Indonesian Presidency. “We appreciate Indonesian Presidency’s commitment to preparing the fund for future pandemics and protecting the world economy through FIF,” said Franco.

In addition, Indonesia will also continue to consult with G20 member countries, not only in the preparation of the Communique but also in efforts to communicate it to stakeholders outside the G20. This communication is important to strengthen the international trust towards the role of G20 in the midst the current of global dynamics.

Subsequent to the bilateral meeting, The Minister of Finance of the Republic of Indonesia also attended the Leaders Talk – Festival of Indonesian Digital Financial Economy (FEKDI) 2022 discussion under the theme Advancing Digital Economy and Finance: Synergistic and Inclusive Ecosystem for Accelerated Recovery. On this occasion, the Minister of Finance conveyed the importance of digitalization to transform the economy, government bureaucracy, and society.

“We at the Ministry of Finance have been transforming the function of national finance to digital. For example, now everyone can access their NPWP by using NIK, and tax filing using e-filling, and e-payment online, so there is no need to go to the tax office anymore. In addition, the tax amnesty program has also made all tax reporting to be completed online, where every tax-payer should not need to come to the tax office. To ensure that digital transformation really reaches people in all groups, we also issue Surat Berharga Negara (SBN), where retail SBN and other investment instruments can be accessed digitally. Now, it is all dominated by savvy investors group of women and millennials,” mentioned by the Minister of Finance, Sri Mulyani.

President Joko Widodo underlined that all parties are able to strengthen the synergy of accelerating the digital financial economy in Indonesia. At a government level, the Minister of Finance also emphasized the importance of digitalization on how government transacts and purchases. Currently, there are more than 400 thousand applications, and each K/L has around 2,700 databases. Therefore, intergovernmental connections that will be simplified in one database are considered to be able to save government operating costs more efficiently, effectively and reduce the risk of cyber security attacks.

Present with the Minister of Finance in the Leaders Talk – FEKDI 2022 discussion session, the Governor of Bank Indonesia, Perry Warjiyo as moderator, and other spoke persons from the Coordinating Minister for Economic Affairs of the Republic of Indonesia, Airlangga Hartarto; Coordinating Minister for Human Development and Culture (Menko PMK), Muhadjir Effendy; Minister of Communication and Informatics, Johnny G. Plate; and Deputy Minister of Home Affairs John Wempi Wetipo.

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