G20 Agrees on 5 Important Points in Leaders' Declaration at Bali G20 Summit

TEMPO.CO, Badung - The leaders of the G20 members on Wednesday, November 16, 2022, declared the G20 Bali Leaders' Declaration at the Summit. In the declaration, there were five important points agreed upon by the G20 member countries.

First, G20 members will be agile and flexible in carrying out their macroeconomic policies. G20 members will also continue to carry out public investment and structural reforms, promote private investment, and strengthen multilateral trade.

In addition, the G20 members will create the resilience of global supply chains to support sustainable, inclusive, and equitable long-term growth.

The G20 members will also ensure long-term fiscal sustainability with assistance from the central banks of each member country. "So that price stability is achieved," as quoted from the Declaration Leaders' official document.

Second, the G20 member countries must commit to preserving macroeconomic and financial stability. The method can be done by optimizing all available tools to reduce risks of degradation by noting the steps taken since the global financial crisis occurred.

Third, G20 members will take action to promote food and energy security and support market stability. Countries members will also provide direct temporary support to restrain the impact of rising prices, and strengthen dialogue between producers and consumers.

"As well as increasing trade and investment for the needs of long-term food and energy security, sustainability, fertilizer, and energy systems," as cited from the official document of the Leaders' Declaration.

Fourth, G20 Members will continue to invest in low and middle-income countries and other developing nations.

It can be done through various sources and more innovative financing instruments, including catalyzing private investment to support Sustainable Development Goals (SDGs).

In addition, G20 member countries requested the Multilateral Development Banks to advance their action to mobilize and provide additional financing within their mandates. "To support the achievement of SDGs, including through sustainable development and infrastructure investment, and responding to global challenges," as quoted from the Declaration Leaders' official document.

Fifth, G20 members are committed to accelerating the achievement of sustainable development or SDGs. Therefore, welfare is achieved for the G20 through sustainable development.

Bisnis | Translator: Intern / Imaji Lasahido

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