FINANCE TRACK

The focus of the issues discussed in this stream are economics and finance, such as: fiscal, monetary and real policies, infrastructure investment, financial regulation, financial inclusion, and international taxation. The discussion is carried out by the Minister of Finance and the Governor of the Central Bank of each member country.

Throughout G20 Indonesia, finance track discuss 6 priority agendas:

COORDINATION OF
EXIT STRATEGIES
SCARING
EFFECTS
STRENGTHENING
PAYMENT SYSTEMS
DEVELOPMENT OF
SUSTAINABLE FINANCE
IMPROVEMENT INCLUSIVE
FINANCIAL SYSTEM
INTERNATIONAL
TAX AGENDA

1.Coordination of exit strategies to support global recovery,

2.Efforts to deal with the effects of the pandemic (scaring effects) on the economy to support stronger growth in the future, 

3.Strengthening payment systems in the digital era, 

4.Development of sustainable finance 

5.Improvement of an inclusive financial system

  1. International Tax Agenda

Furthermore, G20 Indonesia will continue to discuss several legacy issues as follows: 

1.Integrating pandemic and climate risks in global risk monitoring;

2.Strengthening the Global Financial Safety Net (GFSN);

3.Increase Capital Flow;

4.Continuing the Data Gap Initiatives;

5.Improving Financial Sector Regulatory Reform;

6.Strengthen debt management and transparency;

7.Accelerating the infrastructure agenda towards sustainable and inclusive development;

8.Optimizing financing support from multilateral development banks (MDBs);

9.Strengthen health system capacity in pandemic prevention, preparedness and response;

10.Continued support for attracting private sector investment in low-income countries, such as in the African region.

GLOBAL INITIATIVES

1. Crisis Handling

a. 2008-2009 Global Economic Crisis

Initiatives: Stabilization and reform of the financial sector, Stimulus of the global economy

b. COVID-19 Pandemic Crisis

Initiatives: G20 Action Plan, including ACT-Accelerator and COVAX Initiative; Debt Service Suspensions Initiative

2. International Financial Architecture

Initiative:

– Improved international financial safety net,

– Debt Sustainability and Transparency

3. International trade

Initiative:

– G20 Actions supports Trade Recovery (short term & longer-term including trade facilitation),

– Riyadh Initiative for WTO reform

4. Infrastructure Development

Initiative:

– The principles of quality infrastructure investment,

– Establishment of a Global Infrastructure Hub,

– Push Infrastructure as an Asset Class Roadmap, and Infratech

5. International Tax

Initiative:

– Base Erosion and Profit Shifting (BEPS),

– Automatic Exchange of Information (AEOI),

– Digital Taxation

6. Strengthening Global Partnership

Initiative:

– Assistance for poor and developing countries, especially Africa (Compact with Africa, G20 Energy Access Action Plan),

– Global Antimicrobial Resistance R&D Hub

 

Finance Track Working Groups

  • Framework Working Group
  • International Financial Architecture Working Group
  • Infrastructure Working Group
  • Sustainable Finance Working Group
  • Joint Finance and Health Task Force
  • Global Partnership for Financial Inclusion

FRAMEWORK WORKING GROUP

The Framework Working Group (FWG) monitors the evolution of the global economic outlook, while coordinating policies aimed at underpinning a strong, sustainable, balanced, and inclusive growth. In the wake of the crisis caused by the pandemic, the primary goal of the FWG is to advance economic policy proposals to sustain global recovery. To this end, the FWG contributes to updating the G20 Action Plan and monitoring progress in implementation.

INTERNATIONAL FINANCIAL ARCHITECTURE WORKING GROUP

The International Financial Architecture (IFA) Working Group works to enhance the stability and cohesion of the international financial system. It addresses the challenges related to debt sustainability and transparency, strengthening global financial safety nets, volatile capital flows and associated risks, financing for development in low-income countries; coordination between international financial institutions, including multilateral development banks.

INFRASTRUCTURE WORKING GROUP

The Infrastructure Working Group (IWG) advises on policies to improve preparation, financing and management of quality infrastructure investments to secure the provision of inclusive, sustainable and resilient basic infrastructure services to all. The Group aims to tackle the persistent gap in infrastructure investment, also by promoting them as an asset class as to stimulate private sector involvement.

SUSTAINABLE FINANCE WORKING GROUP

The Sustainable Finance Working Group (SFWG) aims to mobilize sustainable finance as a way of ensuring global growth and stability and promoting the transitions towards greener, more resilient and inclusive societies and economies. The Group is tasked to identify institutional and market barriers to sustainable finance and to develop options to overcome such barriers, and contribute to a better alignment of the international financial system to the objectives of the 2030 Agenda and the Paris Agreement.

The Joint Finance and Health Task Force (JFHTF)

The Joint Finance and Health Task Force (JFHTF) is a task force consisting of finance and health officials, aim to enhance dialogue and global cooperation on issues relating to pandemic prevention, preparedness, and response (PPR), promoting the exchange of experiences and best practices, developing coordination arrangements between Finance and Health Ministries, promoting collective action, assessing and addressing health emergencies with cross-border impact, and encouraging effective stewardship of resources for pandemic PPR, while adopting a One Health approach.

GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION

In 2010, the Global Partnership for Financial Inclusion was created to advance financial inclusion globally as a means of increasing well-being and achieving sustainable and inclusive growth. The focus of its action is to enhance the access to, and the use of, responsible formal financial services – also through digital means – for families and businesses. It also helps to promote adequate financial education and to strengthen financial consumer protection.

For more information: www.gpfi.org

Previous Meetings

13 - 16 JULY
2022

Location:

BALI

The 3rd Finance Ministers and Central Bank Governors Meetings & Finance and Central Bank Deputies Meetings

14 - 18 FEBRUARY
2022

Location:

JAKARTA

2nd Finance and Central Bank Deputies Meeting & 1st Finance Ministers and Central Bank Governors Meeting