G20 Presidency, Indonesia Brings The Theme Of 'Recover Together, Recover Stronger', What Does It Mean?

Illustration (Photo: Doc. Antara)

JAKARTA - The government through the Ministry of Finance (Kemenkeu) is committed to continuing global collective efforts to ensure real outputs of global recovery during the G20 Presidency in 2022.

Head of the Fiscal Policy Agency of the Ministry of Finance Febrio Kacaribu said on this basis, Indonesia has set "Recover Together, Recover Stronger" as the main theme for next year.

Febrio explained that recovering together refers to how global economic recovery requires coordination and collaboration in economic and financial policies. According to him, all countries must be able to get out of the crisis together and no one is left behind.

"Meanwhile, recovering stronger emphasizes the role of the G20 in overcoming structural problems that hinder efficiency, productivity, financial inclusion, and a green economy," he said in a press statement quoted Friday, November 12.

Febrio added, the theme of the Indonesian Presidency next year will be reflected through three strategic pillars to respond to current short-term global challenges such as a pandemic, and long-term challenges such as climate change.

The first pillar is to encourage productivity so that the global economy is more productive and balanced. Indonesia's focus is to promote equitable recovery, for example through supporting access to vaccines throughout the country, increasing economic efficiency through digital transformation for MSMEs.

"In addition, we will also strive to improve the quality of human resources after COVID-19, develop financial markets, and overcome infrastructure financing and digital tax challenges," he said.

The second pillar is to increase the resilience and sustainability of the financial and monetary system. This pillar includes several significant efforts such as increasing pandemic preparedness, protecting countries from the impact of exit policies to promote recovery, increasing global resilience, and overcoming the risk of excessive capital volatility.

“Finally, the third pillar is ensuring sustainable and inclusive growth. The Indonesian government will encourage efforts to achieve these goals, among others, by developing sustainable finance, promoting financial inclusion, including encouraging the role of financial technology (fintech) in SME financing and increasing the role of SMEs to increase economic inclusion," concluded Febrio.