BI Governor: G20 Countries Strengthen Cooperation To Overcome Global Economic Challenges

Governor of Bank Indonesia (BI) Perry Warjiyo. (Photo: Doc. Antara)

JAKARTA - Group 20 (G20) countries have consistently agreed to strengthen the spirit of multilateralism through cooperation to overcome global economic challenges. "In recent years, various economic, health and geopolitical challenges have exacerbated one of the main problems in the world, namely poverty and hunger," said Bank Indonesia Governor (BI) Perry Warjiyo in Jakarta, quoted from Antara, Saturday, March 2. This condition can hinder the achievement of growth growth. a strong, sustainable, balanced, and inclusive economy, especially in developing countries. This surfaced in the first meeting of the Minister of Finance and Governor of the Central Bank, Finance Ministers and Central Bank Governors (FMCBG) under the Brazilian G20 Presidency, which took place on February 28-29 2024 in Sao Paulo, Brazil. Indonesian Finance Minister Sri Mulyani Indrawati and BI Governor Perry Warjiyo led the delegation of the Republic of Indonesia at the meeting. At the forum, Perry said that Coordination of monetary and fiscal policies has brought Indonesia's economic performance to the best among developing countries. He also highlighted the coordination of fiscal-maprudential policies that have been carried out. At a time when fiscal policy provides priority incentives in certain sectors, macroprudential policies are complementary by contributing to providing liquidity incentives allocated to banks that provide loans to these sectors so as to contribute to growth while maintaining macroeconomic stability. In addition, Perry also highlighted three digitalization trends in the financial sector, namely digitization in payment systems and digitalization in banking as well as the financial industry, as well as digitization through connectivity cross-border payments. from this trend, he said five roles for policymakers in the G20, namely, retink and review consolidation of the banking and payment industry, both in terms of transaction, interconnection, capacity, risk management, and information technology; as well as strengthening regulations and supervision, including risk management and cybersecurity. Furthermore, data ownership and privacy regulations, both public data, contractual data, as well as personal data; as well as cross-border governance, both in terms of technical, regulation and supervision, exchange rates and capital flows. Then, financial literacy and education, among others, consumer protection and Anti-Money Laundering and Prevention of Terrorism Financing (PPT).FMCBG's first meeting below The Brazilian Presidency discusses various important agendas under the main theme of the presidency, Building a Just World and a Sustainable Planet", namely the role of economic policy in overcoming inequality (inequalities), developments in the global economy, the financial sector and international taxation policies for the 21st century, as well as global debt and sustainable development.

Para menteri keuangan dan gubernur bank sentral sepakat bahwa perekonomian global berubah secara cepat, namun masih dibayangi oleh ketidakpastian. Selain itu, ketegangan geopolitik yang semakin meluas berisiko meningkatkan ancaman perekonomian kedepan. Oleh karena itu, G20 sepakat untuk mengoptimalkan kerja sama internasional.Dalam pembahasan terkait agenda sektor keuangan, para gubernur bank sentral sepakat bahwa penting untuk memanfaatkan potensi teknologi digital, termasuk aset kripto, Central Bank Digital Currencies, dan cross-border payments, namun tetap mengedepankan regulasi untuk mengantisipasi risiko yang melekat.Pertemuan perdana untuk tingkat menteri keuangan dan gubernur itu dihadiri oleh seluruh anggota G20, termasuk African Union yang telah menjadi anggota tetap G20, negara undangan (Angola, Mesir, Nigeria, Norwegia, Portugal, Spanyol, Singapura, Swiss, dan Uni Emirat Arab), serta sejumlah organisasi internasional.