"This is because, once again, G20 was built atop consensus, and, as much as possible, reaching a consensus on very important issues for global economy, stability, and prosperity," he remarked.
Indonesia's G20 Presidency held dozens of consultations with member nations to find the best approach in navigating the impact of the war in Ukraine.
It does this while also maintaining its focus in conducting economic recovery from the impacts of COVID-19.
The war in Ukraine may potentially slow down global economic recovery and make recovery more complicated to achieve, according to Kacaribu.
The war also raises inflation in several nations that causes the central banks to make a decision to ensure that the prices of commodities remain stable.
"Central banks need to also remain committed to conducting clear communication with each other regarding their policies," he remarked.
This communication is necessary, so that the impact of central bank's policies within one nation can be anticipated by other nations, especially developing countries, he explained.
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This is the result of the first G20 Finance Ministers and Central Bank Governors Meeting Communiqué in February 2022 that is committed to creating calibrated, planned, and well-communicated policies for economic recovery.
In addition, with several nations withdrawing their economic recovery policies, G20 needs to adjust the policies' targets to suit all member nations by ensuring that economic recovery continues.
"G20 needs to maintain finance stability, fiscal continuity, and also protect from decline risks and negative spill," he stated.
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Translator: Sanya Dinda S, Fadhli Ruhman
Editor: Rahmad Nasution
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