"Indonesia is estimated to need US$1 trillion to achieve the SDGs in 2030, but with the impact of the pandemic, it has clearly increased significantly," Monoarfa noted at the G20 3rd Development Working Group Side Event monitored in Jakarta, Tuesday.
Apart from posing challenges for Indonesia, the COVID-19 pandemic has also widened the financing gap for achieving the global SDGs, from US$2.5 trillion per year to US$4.2 trillion.
This indicates that the COVID-19 pandemic has not only reversed progress towards realization of the SDGs but it has also reduced the number of resources available to develop financing.
However, Monoarfa stressed that efforts to achieve the SDGs target in Indonesia in 2030 will continue in line with President Joko Widodo's directives, although resources to close the financing gap will be larger.
To this end, an integrated and holistic approach is deemed necessary for financing recovery in the medium to long term, including through the Integrated National Financing Framework (INFF).
The INFF facilitates structured dialogue with ministries and institutions as well as non-governmental actors to map the landscape of sustainable development financing from both public and private sectors.
The INFF will also identify new and innovative instruments that can be utilized to achieve the SDGs, such as blended finance and investment.
Indonesia has, so far, formulated steps to conduct economic transformation in order to build a sustainable future, with the SDGs as the main framework.
Indonesia has also taken steps towards developing a sustainable financing strategy by prioritizing the SDGs in every policy and framework.
These efforts include mainstreaming aspects of the SDGs within the framework of state-owned enterprises as well as investment and business policies, including in the stock market.
"With only eight years left until 2030, the INFF will become the umbrella for the scope of financing initiatives," the minister stated.
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Translator: Astrid F, Azis Kurmala
Editor: Sri Haryati
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