The Second Meeting Of Ministers Of Finance And Governors Of Central Banks Of G20 Countries Has Ended, Here Are The Results

Minister of Finance Sri Mulyani (Photo: National Committee of the Indonesian G20 Presidency)

JAKARTA – Today the G20 countries have finished holding the second meeting of the Ministers of Finance and Central Bank Governors. Indonesia, who served as President of the G20 this year, had the opportunity to lead the agenda.

In his official statement, Minister of Finance Sri Mulyani who led the Indonesian delegation conveyed some of the latest developments. First, the G20 expressed deep concern over the state of war in Eastern Europe and the accompanying actions have and will further hamper the global recovery process.

The Minister of Finance said, low-income and vulnerable countries will be most affected because they still face other unfinished challenges, namely related to the COVID-19 pandemic.

"Members support adjustments to the ongoing agenda to mitigate the economic impact of war, while maintaining a commitment to finding solutions to long-standing global challenges so that the world recovers strongly in a sustainable, inclusive and balanced manner," he said in a statement. official statement, Thursday, April 21.

Second, high inflation encourages the importance of calibrated, well-planned, and well-communicated policy plans to support recovery and reduce potential spillovers, particularly those from developed countries.

Third, it was agreed that collective and coordinated action to control the pandemic remains a priority. To achieve this, a new financial mechanism was established dedicated to addressing the financing gap, prevention and action against future pandemics.

Fifth, the establishment of a Resilience and Sustainability Trust (RST) and further encourage the fulfillment of the global ambition of US$100 billion from voluntary contributions to countries in need.

And the last is a sustainable finance agenda for a green, resilient, and inclusive global economic recovery.

"This consensus will greatly support one of the main targets of the Indonesian G20 Presidency in making a fair and affordable energy transition in order to realize the spirit of Recover Together Recover Stronger," concluded Minister of Finance Sri Mulyani.