India on Thursday briefed finance ministers and central bank governors of the G-20 countries on its agenda for next year when it takes over the rotating annual chairmanship of the grouping. “India will take over the G20 chairmanship in 2023, including the financial area. Ministers and governors were briefed on the proposed top priority programs from India’s 2023 chairmanship,” Indonesian Finance Minister Sri Mulyani Indrawati told reporters during a press conference held here. on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.
Indonesia currently chairs the G-20 countries. On Thursday, Indrawati chaired a meeting of G-20 finance ministers and central bank governors, which was attended by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das, among others. It was during this meeting and a breakfast meeting hosted by Sitharaman earlier in the day for the G-20 finance ministers that India briefed them on its proposed agenda for 2023. In response to a question, Indrawati refrained from sharing details of India’s proposed agenda. agenda. “I’m not commenting on that. …We really support the Indian presidency and their agenda.”
A lot of things are a continuation, which I think is really welcome, because a lot of it will become a topic that is also critically important, especially during 2023, which will still be quite a challenging economic situation,” she said. “I wish India all the best to continue to coordinate our best efforts in averting the risk of a global economic downturn,” said Indonesia’s finance minister, emerging from the fourth and final meeting of finance ministers and central bank governors under Indonesia’s G20 presidency.
Indrawati said that despite the fact , that from the beginning faced many challenges due to the escalating political conflict, the war in Ukraine and exacerbated by the worsening economic situation, the presidency managed to maintain the unity of the G20 as a prime minister. World Forum for Economic and Financial Policy According to her, the meeting is taking place at a time when the global economic situation has become more challenging.
“I don’t think it’s an exaggeration to say that the world is in a dangerous state. Policy responses need to be concrete, clear, coordinated and well communicated, not just a prescriptive macro policy mix,” she said. “Many countries now face very difficult trade-offs in designing policy responses to this perfect storm. The trade-offs between achieving stability vs. maintaining growth and employment – the trade-off between policy instruments
“Complex global economic challenges also require cooperation and synchronization in developing the right macroeconomic policy mix of fiscal, monetary and structural policy instruments to address our shared global challenges and effectively support economic recovery. The right policy mix is particularly urgent to reduce prolonged high inflationary pressures, ” she said. Six agendas were discussed at the meeting — global economy; international financial architecture; financial sector regulation; infrastructure investment; sustainable finance; and sustainable taxation. The meeting was co-chaired by Indrawati and Bank Indonesia Governor Perry Warjiyo.
“We need to go further – we need to develop concrete actions by demonstrating a spirit of collaboration, cooperation and consensus. Our shared G20 history shows us that we are capable of this,” she said. Perry Warjiyo also reiterated the appreciation to the members, stating that “From the very beginning of our presidency, the G20 has worked together to advance globally critical issues and provide concrete and collective solutions to ensure recovery”.
In light of the increasing risks of food and energy insecurity, the G20 has committed to consider all the tools necessary to address the food and energy insecurity and cost-of-living pressures faced by many countries. The G20 stressed the importance of working together to ensure a coordinated global response to addressing food insecurity. The G20 will further pursue strategic cooperation under India’s G20 presidency next year. Among other things, the G-20 countries reaffirmed their commitment to the implementation of the international tax package while looking forward to the full implementation of the Bali Declaration on International Taxation from Asia.
The G-20 reaffirmed its commitment to progress in the Sustainable Financing Report 2022, which, as part of addressing the priorities set out in the G20 Sustainable Financing Plan, developed a transition financing framework that recognizes climate transition activities, including the energy transition, and ways to improve accessibility. and the availability of sustainable finance.
We reaffirmed our commitment to revitalizing infrastructure investment in a sustainable, inclusive and affordable manner, including tools to enhance private sector participation; mobilize funding for cities and regions; increase digital and infratech investment and increase investment in sustainable and transformative infrastructure,” said the Indonesian finance minister. The G-20 also reaffirmed its commitment to significant progress in financial sector regulation and supervision. “Our goal is to strengthen the international financial system in the face of the development of financial system, including activities in the field of crypto-assets and markets, while using digitization to increase productivity, a sustainable and inclusive economy and strategies to strengthen digital financial literacy,” she said.