PIJARNEWS.COM–The G20 is a forum for multilateral cooperation made up of 19 major countries and the European Union (EU). The G20 represents more than 60% of the world’s population, 75% of world trade and 80% of world GDP. G20 members are South Africa, United States of America, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, United Kingdom, Italy, Japan, Germany, Canada, Mexico, Republic of Korea, Russia, France, China and Turkey. and the European Union. The history of the G20 Formed in 1999 on the initiative of the members of the G7, the G20 brings together developed and developing countries to jointly overcome crises, particularly those affecting Asia, Russia and Latin America. The goal of the G20 is to achieve strong, sustainable, balanced and inclusive global growth.
The G20 was originally a meeting of finance ministers and central bank governors. However, since 2008 the G20 has featured Heads of State at summits and in 2010 discussions were also initiated in the development sector. Since then, the G20 has consisted of the finance line (Finance sector) and the Sherpa Trail (Sherpa track). Sherpas are taken from the term for guides in Nepal, describing how G20 Sherpas paved the way to the summit (Summit).
One of the real roles of the G20 is to manage the global financial crisis of 2008. The G20 also changed the face of global financial governance, launching coordinated fiscal and monetary stimulus packages, on a very large scale. The G20 is also encouraging increased lending capacity from the IMF, as well as various major development banks. The G20 is credited with helping the world get back on the path to growth, as well as pushing for important reforms in the financial sector. Currently, Indonesia holds the leadership of the G20 as the G20 Presidency in 2022.
In this forum, Indonesia is the sole representative of ASEAN, is one of the nine developing countries and is a member country with the largest Muslim population in the world. In his address, President Joko Widodo delivered the theme “Recover together, recover stronger“Through this theme, Indonesia wants to invite the whole world to work hand in hand, support each other to recover together and become stronger and more sustainable.
Economic growth
The G20, which is now led by Indonesia, can bring many benefits to G20 member countries. The priority agenda for the Indonesian G20 Presidency is as follows;
- Global Health Architecture;
- Digital economic transformation; and
- Energetic transition.
In the financial agenda led by the Ministry of Finance and Bank Indonesia, the Indonesian G20 Presidency will present six priority agendas, namely,exit strategy support just remedies, discussions,scarring effect to ensure future growth, payment systems in the digital age, sustainable finance, financial inclusion and international taxation. According to the Ministry of Finance website, Finance Minister Sri Mulyani Indrawati said that Indonesia benefits from the G20 presidency, including the creation of a large number of jobs, as 157 meetings are to be held.
“The amount is more than Rs 7 trillion, the number of employment opportunities created,” he said. In addition, the finance minister also mentioned that Indonesia is an emerging country and the largest country in ASEAN has been assessed as a country with a stable economy and political system. Thus, being able to become a leader and form policies that have considerable influence across the world. One of them is the design of economic stimulus policies. The G20 can also be used as a way to introduce Indonesia’s tourism sector to be more famous.
Sustainability Financial Reports
Meeting Sustainable Finance Working Group The 4th (SFWG) under the Indonesian Chairmanship of the G20 was successfully held in Bali on September 26-27, 2022. The meeting was held on a hybrid basis and brought together G20 members, guests, international organizations (OI) and related partners.
As hosts, the Indonesian Ministry of Finance and Bank Indonesia opened the event. Meanwhile, the round of talks at the meeting was led by the United States and the People’s Republic of China as Co-Chairs SFWG and moderated by UNDP as the SFWG Secretariat. The results of the fourth meeting of the SFWG which was held over two days will feed into the 4th Meeting of Finance Ministers and Central Bank Governors (FMCBG) to be held in Washington DC next month, and the G20 to be held in Bali in November 2022. meeting mainly discusses drafting status deliverable the main SFWG this year, namely 2022-G20 Sustainable finance reportwith the aim of jointly approving the final draft of the report.
The G20 agreed that progress report The brief will form an important part of this year’s G20 Sustainable Finance Report. In the meantime, detailed information on how members/IOs have implemented the roadmap will be collected and displayed via dashboard repository on the SFWG G20 page. In addition, members explored in detail the main recommendations of the SFWG agenda under the Indonesian chairmanship. At the same time, develop a framework to promote a sustainable financial transition, increase the credibility of financial institutions’ commitments and improve sustainable financial instruments with a focus on increasing accessibility and affordability.
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