Universitas Indonesia (UI) today (Wednesday, June 15th 2022, at 09.00-17.30 Western Indonesia Time) holds international conference with the topic of “Boosting Indonesia’s Role in G20 Presidency 2022” which is carried out offline and online, at JW Marriott Hotel, Jakarta, and will be broadcasted on UI’s Youtube channel. In the opening greeting speech, the deputy chancellor of reseach drg. Nurtami, Ph.D., said that the international conference is designed as ideas exchanged forum. “This conference brings together the experts and policy makers to formulate policy brief for supporting the Indonesia’s Presidency in G20. Formulating recommendation policy which based on evidence is the contribution from the scientists in translating the result of the researches and studies so they have practical implication for the authority and society.” said she.
At this two-days coference, the policy brief formula that has been arranged by the UI’s researchers from various fields of study, as well as the presentations from six international researchers will be presented and discussed. “This activity is also a link for scientists all across Indonesia to share ideas and thoughts that can be formulated together. With this, we hope that UI contributes to give thought and research results that can bring impact to all Indonesian and global society in the occasion of Indonesia’s G20 Precidency 2022,” said Nurtami.
Expert Staff for Macroeconomics and International Finance and G20 Finance Deputy, Dr. Wempi Saputra and the Assistant Deputy for Multilateral Economic Cooperation of the Coordinating Ministry for Economic Affairs as well as the Co-Sous Sherpa G20 Indonesia Ferry Ardiyanto, Ph.D., were present as keynote speakers at the first day international conference which gave presentations on the triggers of issues as discussion material.
Regarding the discussion material in the conference, Wempi Saputra, gave presentation on the update of the six priority agendas Finance Track and the focus of the three priorities of Indonesia’s G20 Presidency. “Six agendas Finance Track which are Exit Strategy, Addressing Scarring Effect, Sustainable Finance, Digital Payment, Financial Inclusion, and Internasional Tax. Furthermore, Crisis on top which includes Covid-19 that haven’t been solved and geopolitical conflict are also discussed in Finance Track.” he said. He hopes that the policy brief and research results from UI become an input for the Leaders’ Declaration in November 2022 which will be included in the global consensus.
Furthermore, Wempi explained three main risks in the today world in the Finance Track from the side of the Global Economic and Risk agenda. The first risk is the geopolitic risk in relation with the war between Rusia and Ukraine, that need input from the experts and researchers in the International Relation field. The second relation is the microeconomic impact of climate change, and the third risk is the challenge of overcoming the pandemic and the loss or damaging effects because of the continuous pandemic.
Wempi explained that the pandemic caused scars in the various economic sectors, including the decrease in productivity and investment, Job loss, learning loss, and bankruptcy in other sectors He also said that Indonesia needs an integrated structural reformation strategy He believes that part of the reformation strategy will lead to the economic transformation in 2045 when Indonesia becomes a developed country.
The next issue is the Global Health Architecture. In this issue, there is a challenge in accomplishing Global Health Architecture by strengthening the coordination between the Minister of Finance and the Minister of Health. “Experts and researchers in the health sector can provide recommendations for coordination arrangements between health and finance decision makers who must work together to form a good global health architecture. Then handling future pandemics include financial and health coordination arrangements for financing prevention, preparedness, and pandemic response (prevention, preparedness, and response). This is to ensure the world is better prepared to face future pandemics,” said Wempi.
Meanwhile, Ferry Ardiyanto, the representation of the Deputy for Coordination of International Economic Cooperation at the Ministry for the Economy Coordination, said that Indonesia was asked to align the G20 agenda, the G7 which will hold a summit on 27 June in Germany, and the Global Crisis Response Group (GCRG).
“With various positive economic indicators, Indonesia was appointed by the United Nations to be one of the champions of the GCRG along with five other countries, that are Senegal, Denmark, Germany, Barbados, and Bangladesh. The UN’s trust is a manifestation of the world’s trust and confidence in Indonesia’s global leadership so far. Indonesia will certainly carry out this mandate with full responsibility. We need support from all parties, especially from the academic community to provide recommendations and alignment of the priority issues of the G20, G7, and GCRG,” he said again.
The GCRG’s role is to advocate and facilitate global consensus on actions to avoid, mitigate, and respond to the icrises of the food, energy and financial system, especially for vulnerable countries. Fery said that the increase in commodities prices, especially in the energy and food, projected global inflammation, volatility of the global financial market, supply chain disruptions, and the global economic downturn have caused an unpredictable world situation. This condition creates a potential risk of a global depression, especially in the developing countries.
