Second Day of 3rd FMCBG, FIF for World Health Architecture and Food Security Discussion Supported by China

Nusa Dua, 12 July 2022 – The Indonesian Ministry of Finance schedules a series of bilateral meetings with a list of Finance Ministers of G20 member countries in this week. Started the second day of the Third Meeting of the Finance Ministers of the Central Bank Governors (FMCBG), Minister of Finance, Sri Mulyani and her team held a bilateral meeting with the Minister of Finance of China, Mr. Liu Kun. Sri Mulyani expressed her appreciation for China’s full support of the Indonesian G20 Presidency and invited both parties to continue their commitment to together supporting the G20 agenda as a priority for a better world economy recovery.

The G20 priority agenda discussed with Minister of Finance Liu included current global challenges facing, such as inflation, the food crisis, and the energy crisis, as a result of the pandemic. Minister of Finance, Sri Mulyani said, “The Indonesian G20 presidency has pushed for the Financial Intermediary Fund (FIF) mechanism for health management under the World Bank, which WHO also plays an important role in this mechanism. Therefore, we expect support from China on FIF so that the world could be more prepared to face pandemic situations in the future. Indonesia has donated USD 50 million to show the leadership and our commitment to handling the pandemic better.”

Virtually mentioned by Minister of Finance Liu, “In order to maintain human being and health, and to support Indonesian G20 Presidency, China has stated to support the establishment of the FIF for Pandemic Prevention, Preparedness and Response (PPR) at the World Bank. Considering the pandemic situation and the demand to implement current global development initiatives, China will actively consider contributing to the FIF and learn more about it.”

In response to this, Minister of Finance, Sri Mulyani utterly appreciates the support from China, and hopes that at the next presidency meeting, President Xi Jinping could declare official support for the establishment of the FIF.

Minister Sri Mulyani and Minister Liu also agreed that food security is one of the most important issues to discuss due to its significant impact on the world. Minister Sri Mulyani also explained further the correlation between the increase in food price and the fiscal policy in subsidy and social security to the vulnerable group, and inflation control from monetary policy.

Minister Sri Mulyani and Minister Liu concurred that both countries have big opportunities to collaborate and work together in investments and trade, particularly in strategic sectors, such as infrastructure. Indonesia and China have numerous achievements within the past two years and expect to strengthen bilateral relations in investments and trade.

Subsequent to the bilateral meeting, the finance track of the Indonesian G20 Presidency also conducted a hybrid media briefing to share the preparations for the upcoming 3rd Finance and Central Bank Deputies Meeting (FCBD) and 3rd Finance Ministers and Central Bank Governor Meeting (FMCBG) which will be held in on 13-16 July. In addition to FCBD and FMCBG meetings, G20 Presidency is organizing a series of side events from 11 to 17 July 2022.

The event invited several spokespersons for the media briefing, namely Dian Lestari, Head of the Center for Climate Change and Multilateral Financing Policy (PKPPIM), Ministry of Finance, Nella Sri Hendriyetty, Head of the Center for Regional and Bilateral Policy of the Indonesia Ministry of Finance (PKRB) Ministry of Finance, and Iss Savitri Hafid, Director of International Department, Bank Indonesia to deep dive on several discussion points, including the 3rd FCBD and 3rd FMCBG discussion agenda and activities on finance track.

The spokespersons also highlighted the importance of synergy and collaboration between the Ministry of Finance and Bank Indonesia in organizing G20 Presidency, as well as the series of FCBD, FMCBG meetings, and side events.

Tags: No tags

Comments are closed.