VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The Group of Twenty (G20), comprising 20 of the largest economies in the world, have agreed to extend their debt relaxation initiative for poor countries till mid-2021, Indonesian Minister of Finance, Sri Mulyani Indrawati, revealed.

The decision was taken during the finance track discussion of the G20 Finance Ministers Meeting, held on Friday (November 20, 2020), ahead of the G20-Leaders’ Summit, hosted virtually by Saudi Arabia on Saturday and Sunday (November 21-22, 2020).

“During the discussion, supported by multilateral institutions, such as the IMF and the World Bank, (we have) agreed to provide debt repayment relaxation — initially (granted) through the end of this year — (and) extended (it) until the mid of 2021," Sri Mulyani said.

"It aims for low-income countries to have a fiscal space for handling COVID-19," she noted in an online press briefing originating from the Bogor Presidential Palace, late on Saturday, Jakarta time.

The Debt Service Suspension Initiative (DSSI), according to an official G20 media release, "allows USD 14 billion just in 2020 to strengthen the fight against the pandemic and its social-economic impacts”.

The number comes from 46 countries approved out of 77 eligible countries participating and registering for the initiative.

"The G20 Leaders Summit would later agree upon the manner as it is crucial for supporting several poor countries to allow them to build resilience to tackling this pandemic," Sri Mulyani said.

"We have also agreed on the notion that it should be an equitable treatment of debt for countries that join the Paris Club, a debt relief group initiative, as well as those outside the club,” she added.

Besides the DSSI deal, the meeting also highlighted G20 economic policies, both fiscal as well as monetary, and the COVID-19 fund for fair access, particularly for developing countries. (Antaranews)

Indonesian President Joko Widodo (Jokowi) has called for equitable access to COVID-19 vaccines for every country.

He voiced his call in his speech at the 2020 G20 Summit which was held virtually, via a video conference from the Bogor Presidential Palace, West Java, on late Saturday.

The President said that the G20 economies need to focus on two things amid the ongoing COVID-19 pandemic, the Press Bureau of the Presidential Secretariat said on a press statement here on Saturday evening.

"First, there is a need for funding for health recovery. The world will not be healthy unless all countries are healthy. Vaccines are one of the ammunition," President Jokowi noted in the first session of the G20 summit themed "Overcoming Pandemics and Restoring Economic Growth and Jobs".

Hence, Jokowi emphasized that access to the COVID-19 vaccines must be available to all countries without exception.

He also said that the political commitment of the G20 countries was needed to mobilize global funding for health recovery.

Second, there is a need for support for world economic recovery. In this regard, the United Nations Conference on Trade and Development (UNCTAD) has requested funding support of US$2.5 trillion, so that developing countries are able to get out of economic downturns by widening their fiscal space.

The world economic recovery requires the attention of the G20 countries, including by restructuring debts of low-income countries.

"This debt restructuring must be accompanied by improved debt management, including data transparency and fiscal sustainability," the President added.

He also said that extraordinary support for fiscal, monetary and financial sector policies is very important to continue to be provided for developing countries, or otherwise the world economic recovery would take a long time.

"Fiscal flexibility in developing countries is needed to finance the social safety net, boost domestic consumption, and drive small and medium economies," he said.

Last month, the UN Secretary General also called for the need for stronger solidarity with developing countries in the current difficult times owing to the ongoing COVID-19 pandemic.

Without the help of the G20 countries, developing and underdeveloped countries will not be able to easily recover from the economic downturn caused by the pandemic. (Antaranews)

President Joko Widodo said in the G20 Summit forum that the world needed a major transformation after the COVID-19 epidemic at the second session of the G20 Summit from the Bogor Presidential Palace, West Java, Sunday.

President Jokowi said the COVID-19 pandemic had provided valuable lessons for all countries in the world.

"This can be realized if there is a big vision, big action, and big change. Big vision, big action, and big transformation", said President Jokowi.

So now is also the time for all countries to introspect, not only to recover from the health and economic crisis but to rise and grow stronger.

President Joko Widodo emphasized that recovery from the pandemic can only be realized if there are vision, action, and major changes.

In the session of the G20 Summit, the theme was "Building an Inclusive, Sustainable and Resilient Future".

In line with the theme of the meeting, President Jokowi said that post-pandemic Indonesia wants to build a more inclusive, sustainable, and resilient economy. For this reason, fundamental improvements are absolutely necessary.

"Indonesia also wants to carry out a major transformation. It becomes Indonesia's commitment to a greener and more sustainable economy. The progress of economic recovery must no longer ignore the protection of the environment," he explained.

According to the President, now is the momentum to promote a green economy. The World Economic Forum states that the potential for a green economy is enormous, where there are business opportunities of US $ 10.1 trillion and 395 million new jobs until 2030.

In Indonesia, various breakthroughs have been made, including utilizing biodiesel B-30, testing green diesel D100 from palm oil and absorbing more than 1 million tons of palm oil produced by farmers, and installing hundreds of thousands of Rooftop Solar Power Plants (PLTS) in the household sector.

"This project will create tens of thousands of new jobs while contributing to future energy development," he added.

In addition, the new Job Creation Law passed by the parliament also provides certainty regarding the requirements for environmental permits, environmental impact analysis, and the establishment of an environmental rehabilitation fund.

"This law also provides protection for tropical forests, as a bulwark against climate change. This is Indonesia's commitment," he stressed.

At the end of his speech, the President again emphasized that a stronger joint recovery requires a big vision, action, and transformation. This must be done by the G20 countries to build a more inclusive, sustainable, and resilient world economy. (Antaranews)

Foreign Minister Retno Marsudi said Indonesia will hold the Presidency (to host) the G20 Summit in 2022.

"Indonesia will hold the G20 Presidency in 2022," said the Foreign Minister in a virtual press conference after accompanying the President to attend the second day of the G20 summit, via a video conference from the Bogor Presidential Palace, West Java, Sunday night.

Foreign Minister Retno said that originally the Indonesian Presidency for the G20 Summit was in 2023. Meanwhile, India will hold the Presidency of the G20 Summit in 2022.

However, considering that in 2023 Indonesia will also hold the chairmanship of ASEAN, Indonesia will discuss the chairmanship of the G20 with India.

"Incidentally, India also has a proposal to hold the G20 Presidency in 2023," she said.

Thus Indonesia exchanged the chairmanship of the G20 Summit with India.

"Thus Indonesia will hold the G20 Presidency in 2022, while India will hold the Presidency in 2023," Retno explained.

He conveyed that by the time of the Indonesian Presidency at the G20 in 2022, then starting in 2021 Indonesia will already be part of the G20 Troika. (Antaranews)