Indonesian Foreign Affairs Minister, Retno Marsudi met Director General of World Health Organization (WHO) Tedros Adhanom Ghebreyesus to discuss global situation of the spread of COVID-19 which more concerns. The meeting was conducted on the sidelines of  High Level Segment of  the UN Human Rights Council. Minister Retno Marsudi in her statement said that global coordination in handling the spread of COVID-19 is very important to control and to handle the spread of the virus. Furthermore, minister Retno  Marsudi stated that the global collaboration in handling COVID-19 is not only to overcome the spread of the virus in short term, but also to anticipate the possibility of the spread of the same virus in long term. On the occasion, Minister Retno conveyed the dvelopement of the handling of COVID-19  in Indonesia. Until now, according to the data which is issued by Indonesian Health Ministry, there is no individual case which is  tested positive for the virus in Indonesia// Ant.trs-yati

Jakarta - Bank Indonesia (BI) highlighted the need to step up international cooperation to overcome the current global economic pressure arising from the spread of the coronavirus.

"Indonesia invites G20 countries to continue to strengthen international cooperation and implement a policy mix to strengthen recovery and encourage global economic growth," BI Governor Perry Warjiyo noted in a statement in Jakarta on Monday.

This featured in the discussions that surfaced at a meeting of the Ministers of Finance and Central Bank Governors of G20 countries attended by BI Governor Perry Warjiyo and Finance Minister Sri Mulyani Indrawati on February 22-23, 2020, in Riyadh, Saudi Arabia.

During the meeting, the G20 countries also agreed to strengthen monitoring of global risks, especially those originating from the Covid-19 as well as raising awareness of the various potential risks and agreed to implement an effective policy mix response, in the monetary, fiscal, and structural terms.

"In the midst of the prospects of moderate global economic growth, the potential risks are still relatively high, including geopolitical tensions, trade tensions, and policy uncertainty," the BI governor added.

Saudi Arabia took over the G20 Presidency in 2020 with the big theme "Realizing the Opportunity of the 21st Century" that drew motivation from the rapid technological developments that changed the global economic order towards a digital economy and finance.

However, the discussion also encompassed community participation in the economy, especially young people, women, and MSMEs, which still need access and opportunities to be involved in the economy and finance through the utilization of technology.

In addition, opening access to funding sources through the development of the domestic capital market and strengthening the regulation and supervision of the financial sector in the era of the digital economy is also on the agenda of the Saudi Arabian G20 Presidency.

The BI governor also supported the agenda of the Saudi Arabian G20 Presidency in connection with the development of the domestic capital market and underscored the significance of economic resilience as a basis for the development of the domestic capital market.

Furthermore, the BI governor reiterated the criticality of increasing the base of domestic investors, mitigating the volatility of capital flows, and maintaining the integrity of the capital market to prevent frauds and maintain credibility.

In the financial sector, strengthening the financial system through implementing the financial sector reform agenda and utilizing technology became the focus of the Ministers of Finance and Governors of the Central Banks of the G20 countries.

To this regard, the G20 welcomes the Financial Stability Board (FSB) plan, the Committee on Payments and Market Infrastructure, and other Standard Setting Bodies (SSBs) in preparing a road map for strengthening cross-border payment systems and preparing for the transition to the benchmark interest rate from the London Interbank Offered Rate (LIBOR) that will be discontinued in 2021.

Hence, the BI governor echoed Indonesia's support for the agenda of the Saudi Arabian G20 Presidency, specifically cross-border payments and the LIBOR transition. The BI has launched the vision of the Indonesian Payment System 2025 that makes cross-border payments an important element, including supporting the participation of fintech and digital payment services.

So far, BI has been working with relevant authorities to prepare for the LIBOR transition by banks in Indonesia.

BI also reiterated the significance of international cooperation during the transition process.

Furthermore, the G20, under the G20 Presidency of Saudi Arabia, will prepare guidelines to enhance digital financial inclusion to young groups, women, and MSMEs.

Discussions on other crucial issues in the financial sector are underway, such as regulation/supervision related to global stability (GSC), overcoming financial market fragmentation, increasing cyber resilience, and evaluating the impact of implementing the reform agenda in the financial sector, including the condition of Too Big To Fail. (ANTARA)

Jakarta - The United States’ (US’) decision to remove Indonesia from the list of developing countries will make its trade balance with the US record a deficit, Secretary of Coordinating Minister (Sesmenko) for Economic Affairs Susiwijono stated.

"Oh yes, it is clear (at risk of a deficit)," Susiwijono stated in Jakarta on Monday.

Susiwijono explained that it was linked to the import duty facility or the Generalized System of Preferences (GSP) scheme provided by the US to developing countries, including Indonesia, which would be lost.

"The US’ decision to remove Indonesia is linked to trade facilities since the consequences will be on the GSP and so on," Susiwijono pointed out.

Once Indonesia does not receive the GSP facility, it will have to pay import duties at the normal rate or Most Favored Nation (MFN).

"Our GSP is very large. Friends of the Ministry of Trade will explain," Susiwijono remarked.

He stated that currently, Indonesia's trade with the US was still in surplus as was apparent from the Central Statistics Agency (BPS) data indicating that Indonesia's trade surplus with the US in January 2020 had reached US$1.01 billion.

"Our trade with them (the US) is also still in surplus," he stated.

In the meantime, on Sunday (Feb 23), economic observer from the University of Indonesia Fithra Faisal Hastiadi explained that the other impact of the US decision was that Indonesia would be subject to higher tariffs since it would no longer receive facilities as a developing country.

Furthermore, the Official Development Assistance (ODA) facility, which is an alternative financing from external parties to conduct social and economic development, had been revoked.

"We are speaking of debt relations, so we can no longer do classification of ODA. This is since with that, we will be able to get cheap interest. If under US$4,000, we can get 0.25 percent," Fithra explained. (ANTARA)

Indonesian citizens in Brunei Darussalam on Sunday (Feb 23) participated in the commemoration of the 36th National Day of Brunei Darussalam. Around 130 Indonesian citizens who wear traditional clothes and batik in the event attract the audience's attention. The Indonesian Embassy in Bandar Seri Begawan through a statement explained that the Indonesian delegation in the parade was led by the Chairperson of the Indonesian Community Association, Mukhidin Umar. Around 27 Indonesian Embassy staff members and teenagers also wearing traditional clothes from Indonesian regions such as Aceh, West Sumatra, Jakarta, and East Nusa Tenggara -NTT. The Indonesian delegation in this parade walked through the street of the Capital City of Bandar Seri Begawan along 750 meters from the Sultan Haji Hassanal Bolkiah Foundation building towards Diraja Pier. The parade ended at the Taman Haji Sir Muda Omar 'Ali Saifuddien to give the regards to Sultan Haji Hassanal Bolkiah, the royal family, Brunei's high officials and the Diplomatic Corps in the Honorary Tribune. Meanwhile, Indonesian Ambassador to Brunei Darussalam Sujatmiko appreciated the participation of Indonesian citizens and Indonesian Embassy staff who helped enliven the Brunei National Day Parade and demonstrate the richness of Indonesian culture through traditional clothes of various shapes and colors.// (Voi.Tempo)