Meeting World Bank President, Sri Mulyani Discuss G20 Issues to Fuel Subsidies in Indonesia

Finance Minister Sri Mulyani (Photo: Screenshot of UOB Indonesia Youtube)

JAKARTA - Minister of Finance Sri Mulyani is said to have just met bilaterally with the President of the World Bank Group (WBG) David Malpass in Washington DC, the United States earlier this week local time.

In the agenda, the Minister of Finance discussed the latest global economic developments and outlook, geopolitical tensions, G20 issues, and climate change issues.

"This meeting also discussed the progress of Indonesia's economic recovery from the COVID-19 pandemic, efforts to control inflation, as well as the World Bank's support for Indonesia for tax reform and the financial sector", she said as quoted on the official website today, Wednesday, October 12.

According to the state treasurer, Indonesia's priorities, in addition to national economic recovery, will also focus on food and energy security and climate change mitigation at the global level.

"We invite the World Bank to be more involved in achieving these important agendas, both in terms of funding and non-financing", she said.

Meanwhile, regarding the G20 issue, Indonesia provides updates and seeks support regarding the priority agenda of the Presidency, especially in the financial channel, such as in the medium-term action for food security.

As for climate change, Indonesia welcomes the World Bank's support to encourage fair and affordable decarbonization initiatives through energy transitions, country platforms, carbon economic values, and innovative climate finance.

On the same occasion, President Malpass appreciated Indonesia for contributing to the G20 Financial Intermediary Fund (FIF) managed by the World Bank.

“The World Bank will continue to use various resources to support global recovery including improving food security, global health architecture, energy transition, climate change, and so on", said Malpass.

Specifically for Indonesia's policies, he praised the steps to reduce the cost of subsidies (fuel materials) and reaffirmed the World Bank's commitment to supporting the reform of Indonesia's energy sector as part of its energy transition efforts.

It is known that the Minister of Finance and President Malpass explored ways that can be used to strengthen efforts to reduce greenhouse gas emissions by highlighting the upcoming World Bank trust fund, Scaling Up Climate by Lowering Emissions (SCALE).