"It is important for us to stay focused on what we have planned to achieve this year," Warjiyo remarked at the opening of the second day of the third meeting of the G20 Finance Ministers and Central Bank Governors (3rd FMCBG) in Nusa Dua, Badung, Bali, on Saturday.
Such a focus, according to Warjiyo, will send a positive message to the global community about the role and efforts of the G20 toward supporting recovery.
During Saturday’s meeting, the G20 finance ministers and central bank governors discussed five topics: COVID-19 exit strategies for ensuring financial stability, climate-related financial risks, crypto assets, financial inclusion and digitization, and initiatives to address new data gaps.
Speaking about the COVID-19 exit strategy, Warjiyo said that the Financial Stability Board (FSB) is continuing to coordinate on dealing with financial regulatory and supervisory matters through COVID-19 response measures and monitoring developments to support global recovery and maintain financial stability.
"As mandated by the FMCBG in February, the FSB has submitted an interim report on the COVID-19 exit strategy and setbacks in the financial sector. The report outlines effective practices and provides policy recommendations for the financial sector to achieve a sustainable and inclusive equitable distribution of recovery," he said.
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Regarding climate-related financial risks, Warjiyo said that during the meeting, the G20 finance ministers and central bank heads were asked to share their views on accelerating the implementation of the road map that has been prepared by the FSB to overcome the financial risks of climate change.
Meanwhile, on the issue of crypto assets, the G20 ministers and central bank heads were urged to seek strategies to promote a consistent regulatory and supervisory approach to crypto asset activities, which would be important for maintaining global financial stability.
Regarding financial inclusion and digitization, the G20 members discussed efforts for accelerating MSMEs’ access to financing through digital financial services that would encourage inclusive recovery and sustainable growth.
Warjiyo also underlined the need for measures to overcome the risk of financial exclusion, especially for vulnerable and underserved groups.
On the topic of initiatives to address new data gaps, the G20 members discussed efforts to increase data availability, which covered environmental issues and the use of digitization.
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Translator: Agatha Victoria, Yuni Arisandy
Editor: Suharto
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