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G20 leaders watch for potential debt increases due to COVID-19
23
November

G20 leaders watch for potential debt increases due to COVID-19

Published in Program Highlight

The leaders of the G20 countries asked finance ministers and central bank governors to monitor the level of public and private debt, given that many countries are widening their fiscal deficits to implement extraordinary policies in dealing with the COVID-19 pandemic.

Minister of Finance Sri Mulyani Indrawati said this after accompanying Indonesian President Joko Widodo at the G20 Summit (Summit) virtually from the Bogor Presidential Palace, Sunday night.

Besides public and private debt levels, G20 leaders are also focusing attention on potential increases in the cost of funds such as borrowing costs, and crowding out for liquidity as many countries want to increase spending to recover the economy.

"Steps to maintain the sustainability of debt levels at both the public and private levels will be a focus that must be seen during the COVID-19 period and after the COVID-19 period," said Sri Mulyani.

"This is indicated by the decline in economic growth and also in terms of human capital. Therefore, all countries undertake various policy actions which are extraordinary in nature and in this case will certainly increase the fiscal deficit," said Sri Mulyani.

In this difficult time, the commitment of many countries to use their fiscal and monetary instruments to the fullest is needed.

The use of fiscal and monetary instruments is needed by various countries to protect the community, through social safety net policies, and also create many jobs to overcome the impact of layoffs during a pandemic.

"To restore the economy of each country and then to become a global economic recovery, it is also necessary to pay attention to financial system stability because this will be an issue that must be considered in the financing track," she said.

At the G20 meeting, the leaders agreed that economic recovery policies must continue to be supported. Countercyclical policies on fiscal, monetary, and financial system aspects need to be implemented until the economic recovery is stable.

The G20 Summit in 2020 takes place in Riyadh, Saudi Arabia on Nov. 21-22, 2020. President Joko Widodo and his ministers participated virtually.

Also attending to accompany the President, besides the Minister of Finance were Foreign Minister Retno Marsudi, Cabinet Secretary Pramono Anung, Sherpa G-20 Indonesia Rizal Affandi Lukman who also served as Deputy for International Economic Cooperation Coordination of the Coordinating Ministry for Economic Affairs, and Expert Staff to the Minister of Finance in International Macro Economics and Finance, Suminto. (Antaranews)

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In the ASEAN forum, Minister Arifin: We need affordable energy technology
20
November

In the ASEAN forum, Minister Arifin: We need affordable energy technology

Published in Indonesia Today
Minister of Energy and Mineral Resources Arifin Tasrif said there is a need for an ASEAN energy transition, which does not only focus on switching from fossil fuels to renewable energy, but also switching to energy and technology options, which are affordable and cleaner.
 
 This was conveyed by Minister Arifin while attending the 38th ASEAN Ministers on Energy Meeting (AMEM), which was held virtually in Vietnam from Thursday (19/11/2020) to Friday.
 
 In his release in Jakarta, Friday, Minister Arifin said that one of Indonesia's main initiatives related to ASEAN energy transition cooperation was to initiate the establishment of the Clean Coal Technology Center of Excellence (CCT COE), which is planned to be located at the Coal Technology Center, Palimanan, West Java.
 
 The existence of the CCT COE is important to enhance international cooperation, including collaborative research and development and technology transfer, not only for Indonesia, but other ASEAN member countries.
 
 Support from all ASEAN member countries and three AMEM + 3 speech partner countries (Japan, Korea, and China) is expected to realize the use of CCT COE and improve its capabilities in terms of expertise, facilities and resources.
 
 "Indonesia hopes that cooperation in the ASEAN Forum on Coal can become a think tank to promote the use of clean coal technology in conjunction with ASEAN's movement towards a cleaner energy transition and a low carbon economy," said Arifin.
 
 In this series of meetings, the ASEAN energy ministers also met with the Ministers of the East Asia Summit Energy Minister Meeting (EAS-EMM) which included AMEM + 3 plus the United States, Australia, India, New Zealand and Russia.
 
 The AMEM meeting also presented international organizations such as the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) to see a global energy perspective and its relation to the ASEAN region.
 
 The target of reducing ASEAN's energy intensity by 20 percent by 2020 was achieved earlier in 2018, namely by 21 percent.
 
 This achievement has made ASEAN optimistic that it can achieve the new target of reducing energy intensity by 32 percent by 2025.
 
 Meanwhile, ASEAN is still facing challenges in trying to achieve the renewable energy mix target, which in 2018 only amounted to 13.9 percent of the total primary energy supply.
 
 This figure is still quite far from the 23 percent target in 2025, but ASEAN has agreed to add the target of installed capacity of renewable energy in power plants to reach 35 percent by 2025.
 
 Minister Arifin is also scheduled to attend virtually the ASEAN Energy Business Forum (AEBF) this Friday afternoon.
 
 AEBF is a forum that brings together ASEAN energy entrepreneurs through seminars and business matching.
 
 One of the AEBF agendas is the dialogue of ministerial level officials with energy company CEOs to share views and support in order to improve energy connectivity, energy utilization and digitization, including efforts to achieve ASEAN energy targets.
 
 This event was also part of the awarding of the ASEAN Energy Award (AEA).  Indonesia won many awards at this event, after going through a rigorous selection stage.
 
 The awards cover the categories of Renewable Energy, Energy Efficiency, and Conservation, as well as Individuals as Energy Managers. (Antaranews)
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Foreign Minister: Solidarity in facing the pandemic is important for world economic recovery
20
November

Foreign Minister: Solidarity in facing the pandemic is important for world economic recovery

Published in Indonesia Today
Indonesian Foreign Minister Retno Marsudi said that solidarity between countries in the world, especially regarding access to vaccines and emergency needs in the midst of the COVID-19 pandemic crisis, is not only in the interests of humanity, but also in the interests of the global economy.
 
 At the opening of the Global Town Hall 2020 event organized by the Foreign Policy Community Indonesia (FPCI) from Jakarta, Friday, Foreign Minister Retno said that at the G20 Summit (Summit) this weekend President Joko Widodo would emphasize Indonesia's stance that calls for solidarity, especially for the country.  -developing countries, from developed countries that have more resources to deal with emergency needs.
 
 "I am also reminded of the statement by the Director General of the World Health Organization (WHO) in September 2020. Regarding vaccines, Dr Tedros said 'the first priority is to give vaccines to some people in all countries, not all people in some countries', this is not just an interest.  morals and public health.  This is also in economic interests, "she said.
 
 The Foreign Minister explained that if people in low and middle income countries do not have the same opportunity to get vaccines, the virus will continue to kill and global economic recovery will be hampered, given the dynamics of the world in which all countries are connected to one another.
 
 "Therefore, equal, safe and affordable access is very important," said the Indonesian Foreign Minister.
 
 In addition, she also highlighted the importance of a multilateral vaccine framework, such as the Gavi COVAX Advanced Market Commitment (AMC) which requires funds of US $ 5 billion to procure vaccines for developing countries, as well as the need for Accelerated ACT (Access to COVID-19) funds.  Tools) of 35 billion US dollars.
 
 "We all live on the same planet, we breathe the same air, we are connected to each other and we cannot cut that connection. However, just being connected is not enough. We have to make it a power and a propulsion engine, and this requires.  global collaboration, "said Foreign Minister Retno. (Antaranews)
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Marty: Indonesia needs to be proactive in responding to the dynamics of China-US relations
20
November

Marty: Indonesia needs to be proactive in responding to the dynamics of China-US relations

Published in Indonesia Today
Asian countries, including Indonesia, as a third party in the dynamics of relations between China and the United States (US), are not sufficient to take an impartial stance, but should be proactive, according to Indonesian diplomat, Marty Natalegawa.
 
 At the Global Town Hall 2020 organized by the Foreign Policy Community of Indonesia (FPCI) on Friday, Marty said the foreign policy strategy of Indonesia, and Asian countries in general, must have a specific goal - not just hoping for the best.
 
 "The space that can be filled, or the added value that can be brought, by a country like Indonesia is how it can help create stability in the midst of the China-US rivalry," said Marty, who served as Minister of Foreign Affairs of the Republic of Indonesia for the 2009-2014 period.
 
 "And again, a country like Indonesia can not only raise concerns or complaints [...] we must offer concrete policy recommendations. [...] And not only for China and the US, but also for bilateral dynamics in the region, such as China.  -India and China-Japan, "said Marty.
 
 Tensions between China and the US have intensified in recent years, with a number of issues that have become conflicts between the two, ranging from trade wars, handling the COVID-19 pandemic, Hong Kong and Taiwan politics, ethnic Chinese Muslims in Xinjiang, to disputes in the South China Sea.  .
 
 Some time ago, China and the US had bullied each other with a mutual show of military power in the waters of the South China Sea - potentially impacting regional security.
 
 In the same discussion session, Kevin Rudd, Prime Minister of Australia 2007-2010 and 2013, added that third countries in the Sino-US relationship will face more complex geopolitical challenges "as we continue to move towards an increasingly binary world".
 
 "But for the next decade, I think it will be very important for third countries to fix possible tensions between the two great powers, China and the United States," Rudd said. (Antaranews)
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