The development ministers have agreed to strengthen the commitment of multilateral cooperation to accelerate the achievement of the sustainable development goalsJakarta (ANTARA) - The G20 Development Ministerial Meeting (DMM) has agreed on accelerating the realization of the sustainable development goals (SDGs) by strengthening the resilience of developing countries in facing future potential crises.
"The development ministers have agreed to strengthen the commitment of multilateral cooperation to accelerate the achievement of the sustainable development goals," Minister of National Development Planning and head of the National Development Planning Agency (Bappenas), Suharso Monoarfa, said in Belitung on Thursday.
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The DMM, organized under the G20 Indonesia Sherpa Track and as a continuation of the Development Working Group (DWG), is being held in Belitung on September 7–9, 2022, to discuss development issues in developing and underdeveloped countries. The DWG was first formed at the G20 Summit in Toronto, Canada, in 2010.
The G20 DMM has completed and agreed on two documents: the G20 Road Map for Stronger Recovery and Resilience and the G20 Principles for Improving Blended Finance. Both are targeted at assisting developing countries, least developed countries, and small island developing countries.
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Monoarfa explained that the acceleration of achieving SDG goals can be carried out through several forms of commitment, which include strengthening multilateral cooperation and supporting the increase in the scale of the blended financing scheme.
Moreover, the competitiveness of micro, small, and medium enterprises (MSMEs) must be increased by implementing adaptive social protection and supporting sustainable growth by encouraging transformation towards green and blue economies.
For realizing these commitments, the G20 development ministers will partner with various parties, such as developing countries, international organizations, and multilateral development banks (MDBs).
For promoting multilateral cooperation in development, several methods such as policy research, dialogue platforms, North-South, South-South, and Triangular cooperation, knowledge and practice sharing, and capacity-building programs, can be carried out.
"As one of the concrete contributions, the Government of Indonesia has also initiated the establishment of the Global Blended Finance Alliance," Monoarfa said.
The results of the G20 DMM will support the G20 Summit in Bali.
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Translator: Fathur R, Kenzu T
Editor: Fardah Assegaf
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