Sri Mulyani: Joint Actions From G20 Countries Are Needed To Answer Global Economic Challenges

Minister of Finance Sri Mulyani Indrawati. (Photo: Doc. Ministry of Finance)

JAKARTA - Finance Minister Sri Mulyani Indrawati said global economic challenges require strong leadership and joint action from G20 countries to reduce risks. "The global challenge requires the G20 action to protect the weak community while at the same time bringing the world's conditions back to a strong, balanced, sustainable and inclusive growth," Sri Mulyani said when delivering the results of the 4th Meeting of the Minister of Finance and the Governor of the G20 Central Bank (FMCBG) in Washington DC, USA, quoted from Antara, Friday, October 14. According to him, world conditions that face risks such as high inflation, slowdown in growth, insecurity in the energy and food sector, climate change and geopolitical conflicts also require an adequate policy mix. "Global challenges also require cooperation and synchronization of the macro and fiscal policy mix as well as policy instruments to overcome common problems and support effective economic recovery," he said. He also ensured that various policy responses that were launched must also be explained specifically, clearly, coordinated and communicated properly so that messages can be conveyed. Furthermore, Sri Mulyani said that the G20 Indonesia Presidency was able to maintain the credibility of the forum even though there were various challenges in line with the deteriorating economic situation and the potential recession in 2023. "Despite facing challenges, the Indonesian Presidency is able to maintain the integrity of the G20 as a global forum to formulate economic and financial policies," he said. This 4th FMCBG meeting is the last at the G20 Indonesia Presidency in 2022. After that, India won the trust to hold the next G20 chairmanship in 2023. Previously, the FMCBG's first meeting at Indonesia's G20 Presidency took place in February 2022 in Jakarta, the second meeting in April 2022 in Washington DC, USA and the third meeting in July 2022 in Nusa Dua, Bali.