IMF appreciates meeting of G20 finance ministers, central bank governors in Bali

IMF appreciates meeting of G20 finance ministers, central bank governors in Bali
Indonesian President Joko Widodo received a visit from an IMF delegation at the Bogor Presidential Palace, West Java province on Sunday (July 17, 2022). (The Indonesian Presidential Secretariat)
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Indonesia’s role as the holder of the G20 presidency at the G20 Finance Ministers & Central Bank Governors’ Meeting is very important, because the meeting discussed how to synchronize fiscal and monetary policies.

 

Jakarta (Indonesia Window) – The International Monetary Fund (IMF) appreciated the holding of the third G20 Finance Ministers and Central Bank Governors’ Meeting in Nusa Dua area, Bali province, last Friday (July 15).

This was conveyed directly by IMF Managing Director Kristalina Georgieva when received by Indonesian President Joko Widodo at the Bogor Presidential Palace, West Java province, on Sunday (July 17), according to a statement from the Indonesian Cabinet Secretariat, here on Monday.

“Mrs. Kristalina really appreciated that Indonesia has succeeded in hosting the third G20 finance track of finance ministers and central bank governors in Bali when the world is currently not in an easy situation, increasingly challenging,” Finance Minister Sri Mulyani said when accompanying the president in the meeting.

Reports on challenges presented include the ongoing war that has been causing prices of commodities such as food and energy to rise, Sri Mulyani said, adding that the increase in the commodity prices then spurred inflation in various countries.

“The increase in the commodity prices such as food and energy has caused inflation in many countries to rise sharply, so this is a very real threat for many countries that are now facing a food crisis and an energy crisis,” she added.

IMF appreciates meeting of G20 finance ministers, central bank governors in Bali
The second day of the third G20 Finance Ministers and Central Bank Governors’ meeting in Nusa Dua area, Bali province, Saturday (July 16 July, 2022). (G20 Indonesia)

For this reason, she continued, Indonesia’s role as the holder of the G20 presidency at the G20 Finance Ministers & Central Bank Governors’ Meeting is very important, because the meeting discussed how to synchronize fiscal and monetary policies.

“In dealing with such a food crisis, (the meeting discussed) what steps can be taken to reduce the risk from the global economy which is currently increasing very high,” Sri Mulyani noted.

Various results from discussions in various meetings will be presented at the G20 Summit next November, including the establishment of a multilateral health fund for handling possible future pandemics, especially in terms of strengthening collaboration between finance and health issues.

“That is a good achievement. We are talking about crypto currency and regulation regarding digital coins, which are good ones,” Minister Sri Mulyani added.

“Financial inclusion and digital technology are also very good achievements. We talked about global taxation which is also very impressive in the current situation, also about sustainable finance and sustainable infrastructure development. These are the results carried out at the G20,” she said.

Reporting by Indonesia Window

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