Indonesia calls on G20 to help developing countries recover from economic downturn; aim to make big transformation


JAKARTA, Nov 23 (Xinhua): Indonesian President Joko Widodo has called on the G20 economies to help developing countries and underdeveloped ones recover from the pandemic and economic downturn.

In the company of Foreign Minister Retno Marsudi, the Indonesian head of state made the remarks when attending the first day of the G20 Summit virtually from the presidential palace in Bogor, West Java.

"The president reminded the UN Secretary General's statement regarding the need for strong solidarity for developing countries. Without the assistance of the G20 countries, developing and underdeveloped countries will not easily recover from the pandemic and economic downturn," the president was quoted by the foreign minister as saying.

The Indonesian president also conveyed the importance of debt restructuring assistance for low-income countries, especially from large debt-giving countries, in support of the world economic recovery, the minister said.

According to the head of state, Marsudi said, the debt restructuring must be accompanied by improved debt management or sound debt organizing.

"The president said that the UNCTAD (United Nations Conference on Trade and Development) has requested financial support of 2.5 trillion U.S. dollars so that developing countries are able to get out of the economic downturn. Developing countries need fiscal space for economic recovery," Marsudi said.

Likewise, Joko Widodo conveyed the importance of continuing to provide extraordinary support for fiscal, monetary and financial sector policies, the minister said, adding that the president also raised the fiscal flexibility of developing countries needed to finance social safety net, boost domestic consumption, and drive small and medium-sized economies.

On the occasion, the Indonesian president who is known as Jokowi also called for the important funding for health recovery, saying that the world would not be healthy unless all countries are healthy and the vaccine is one of the ammunitions.

Jokowi said the world is currently watching and waiting for the meeting of the leaders of the G20 economies who are expected to bring the world out of the health crisis and economic downturn due to the Covid-19 pandemic.

The G20 Summit 2020 took place in a virtual format during the weekend in Riyadh under the presidency of Saudi Arabia, with the theme "Realising Opportunities of the 21st Century for All".

Widodo also added that Covid-19 pandemic has given valuable lessons for all countries to conduct introspection and big transformation, not only to recover from the health and economic crisis, but also to grow stronger.

The Indonesian president made the remarks in his virtual speech at the G20 Summit on Sunday evening (Nov 22).

"Recovering together and stronger requires big vision, action and transformation. This is what the G20 countries must do to build a more inclusive, sustainable and resilient world economy. An inclusive, sustainable, and resilient future," the president said.

Widodo said that Indonesia also wanted to make a major transformation towards a more inclusive, sustainable and resilient economy. - Xinhua
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Indonesia , Joko , G20 , Assist , Countries , Overcome Pandemic

   

Did you find this article insightful?

Yes
No

Next In Aseanplus News

South Korea posts worst growth in two decades
Thai banks’ bad debt expected to rise by up to 15% this year
Lao health ministry reminds public to continue fight against dengue
China arrivals to offset exodus to UK, says Hong Kong aide
Singapore factory output grows 14.3% in December, up 7.3% for 2020
Laos conducts over 100,000 tests for Covid-19
Panda painting exhibition opens in Cambodian capital
Communist Party of Vietnam opens 13th National Party Congress in Hanoi
Will the world fail to prepare for the next pandemic?
Security expert says hacker Anonymous Malaysia’s threat must be taken seriously, no all-out attack expected

Stories You'll Enjoy


-->