Meeting of Ministers of Finance and G20 Central Bank in Jakarta Earns 14 Communique Points

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Governor of Bank Indonesia Perry Warjiyo in Finance Tracks Side Events. Photo: BI.

JAKARTA, THE NUSANTARA POST- The meeting of the Minister of Finance and Central Bank Governors in the G20 Indonesia Presidency has produced 14 communique points which are joint commitments and statements by the members of the G20 forum.

Based on an official statement from the Ministry of Finance in Jakarta, Saturday, this ongoing meeting consists of six priority agendas, namely, global economy and health, international financial architecture, issues of the financial sector, finance, and international tax infrastructure.

The first point of the communique is to continue a globally equitable recovery in terms of health such as vaccine distribution, therapeutics and economic diagnostics. Second, use all the tools to deal with the impact of the pandemic, especially those who are most affected.

Then the third is to prioritize collective and coordinated action to control the pandemic in the world. The fourth step is to ensure global implementation of the two pillars of international taxation by 2023.

While the fifth is strengthening the long-term financial resilience of the international architecture, including supporting sustainable capital flows and developing local currency capital markets. The sixth is to support vulnerable countries, one of which is US$60 billion through the deployment of Special Drawing Rights (SDRs) and together with the IMF to form a Resilience and Sustainability Trust (RST).

The seventh point is to advance the Common Framework for Debt Treatment outside the DSSI to provide certainty to debtor countries seeking debt relief, such as Chad, Ethiopia and Zambia. Eighth, revitalize infrastructure in a sustainable, inclusive, accessible and affordable way. The ninth is tackling climate change, protecting the environment and biodiversity while at the same time affirming a forward commitment to mobilizing climate resources of 100 billion US dollars per year to meet the needs of developing countries.

The tenth is to encourage a sustainable economy for a green, resilient and inclusive global economic recovery in order to achieve the 2030 Agenda for Sustainable Development such as with the UNFCCC and the Paris Agreement. Eleventh strengthen the resilience of the global financial sector to ensure a fair economic recovery and prevention of the adverse effects of the pandemic to safeguard finances, including the implementation of the G20 Roadmap, namely cross-border payments.

The next twelfth communique, comprehensively addresses the potential benefits and risks to global financial stability arising from the development of technological innovations including cyber risks and the potential regulatory and arbitrage gaps posed by cryptocurrencies. The thirteenth point is to advance the financial inclusion agenda to take advantage of digitalization with the aim of increasing productivity and promoting economic sustainability and inclusiveness for women, youth and MSMEs.

Lastly is to support the Financial Action Task Force (FATF) as a global standard-setting body to prevent and combat money laundering, terrorist financing and proliferation financing (Ant/TNF/Wan)

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