Global challenges require G20 action to protect the weak and at the same time make the global situation strong, balanced, sustainable, and inclusively growingWashington DC, AS (ANTARA) - Finance Minister Sri Mulyani Indrawati affirmed that strong leadership and joint action from G20 countries were required to tackle global economic challenges in order to reduce risks.
"Global challenges require G20 action to protect the weak and at the same time make the global situation strong, balanced, sustainable, and inclusively growing," Indrawati remarked while delivering the results of the fourth meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) here on Thursday.
FMCBG is one of the meetings included in the financial track of G20, an international forum comprising 19 countries and the European Union that work together to handle major issues. Indonesia is holding the G20 Presidency this year.
The minister also accentuated the need for an adequate policy mix to handle risks in the global situation in the form of high inflation, slowing growth, insecurity in the energy and food sectors, climate change, and geopolitical conflicts.
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"Global challenges also require cooperation and synchronization of the macro and fiscal policy mix as well as policy instruments to address common problems and support economic recovery effectively," she remarked.
The minister ensured that various policy responses launched must also be described in a specific, clear, coordinated, and well-communicated manner, so that the message can be put across effectively.
Furthermore, Indrawati said Indonesia's G20 Presidency was able to maintain the credibility of the forum despite various challenges along with the deteriorating economic situation and the potential for a recession in 2023.
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"Despite facing challenges, the Indonesian Presidency is able to maintain the integrity of the G20 as a global forum for formulating economic and financial policies," he remarked.
This fourth FMCBG meeting will be the last during Indonesia's G20 Presidency in 2022. Thereafter, India won the trust to hold the next G20 chair in 2023.
Earlier, the first FMCBG meeting at the Indonesian G20 Presidency took place in February 2022 in Jakarta, the second meeting in April 2022 in Washington D.C., the US, and the third meeting in July 2022 in Nusa Dua, Bali.
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Translator: Satyagraha, Katriana
Editor: Fardah Assegaf
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