G20 Finance Deputies And Central Banks Meeting Emphasizes Strengthening Of The Financial And Health Sector

The atmosphere of the G20 meeting forum (Photo: National Committee of the G20 Presidency of Indonesia)

JAKARTA - Deputy Finance and Central Banks of G20 countries agreed to continue to strive for world economic recovery.

Expert Staff to the Minister of Finance for Macroeconomic and Finance Sector Wempi Saputra said all delegates who met at the Finance and Central Bank Deputies Meeting (FCBD) expressed their commitment to strengthening cooperation in the financial and health sectors to deal with the pressures of the pandemic, which is currently the main issue.

"This is of course to achieve a sustainable and inclusive recovery," he said in a statement quoted on Wednesday, February 16.

In Wempi's explanation, the communique that was formulated was focused on efforts to recover the economy due to the COVID-19 pandemic. He said, although there has been positive growth in the last few quarters, there are still some risks looming over the global economy.

In addition, the emergence of new variants such as Omicron and the uneven distribution of vaccines pose challenges for economic recovery.

"Through the two-day FCBD meeting (15-16 February), the forum will also discuss debt restructuring assistance schemes for poor countries as one of the agendas to strengthen the country's financial resilience," he said.

For information, a communique is a joint statement of the members of the G20 forum that contains a shared commitment to be conveyed to the public and usually consists of the latest global issues and is the result of the consensus of the members of the G20 forum.

The proposal for the first communique from the second meeting of the Deputy Minister of Finance and the Central Bank will be discussed further to be adopted as a joint commitment by the G20 members at the meeting of the Minister of Finance and Central Bank Governors.

Furthermore, the communique will become the basis for further discussion in the working group forum.

There are six agendas discussed in the formulation of this Communique, namely: global economy and health, international financial architecture. Then, the issue of the financial sector, sustainable finance, infrastructure, and international taxation.