G20 Members Increase Partnership Amid Coronavirus Outbreak

TEMPO.CO, Jakarta - Executive director of Bank Indonesia’s Communication Department Onny Widjanarko said members of the G20 have agreed to strengthen partnerships among nations to help recover the global economy amid the coronavirus (Covid-19) outbreak. 

“G20 nations also agreed to strengthen its monitoring of global risks, especially the coronavirus outbreak. [The nations] are also urged to increase its awareness on other potential risks,” said Onny in a written statement today.

According to him, G20 members have agreed to implement a shared effective monetary, fiscal, and structural policy-making. This was mentioned in the meeting between the Indonesian Finance Ministry and central bank governors of G20 nations in Riyadh, Saudi Arabia. 

Other global issues that pose risks to global economic growth include geopolitical tension, trade tension, and policy uncertainty. Bank Indonesia Governor Perry Warjiyo reported;y supports the G20 presidency in regards of the development of the domestic capital market and underlines the importance of economic resilience as its starting point. 

In the financial sector, Onny said G20 nations’ central bank governors and finance ministers agree to focus its efforts upon strengthening the financial system through financial sector reform and technological utilization. 

G20 countries have also positively welcomed the plans by the Financial Stability Board (FSB), Committee on Payments and Market Infrastructure, and the Standard-Setting Bodies (SSBs) in strengthening cross-country payment system and preparing the transition from the initial London Interbank Offered Rate (LIBOR) benchmark.

HENDARTYO HANGGI