JAKARTA. The G-20 meeting agreed to continue providing debt serivice suspension initiative to poor countries affected by COVID-19.
In an effort to overcome the spread of COVID-19, the meeting also agreed to increase cooperation and continue the implementation of fiscal, monetary and financial sector policies to protect lives, maintain employment, and improve financial system resilience.
The G-20 meeting held virtually on 18 July 2020 was attended by Minister of Finance Sri Mulyani Indrawati and Deputy Central Bank Governor Dody Budi Waluyo.
On this occasion, Bank Indonesia (BI) conveyed the important role of the policy mix in overcoming the impact of the COVID-19 pandemic as well as supporting policies to maintain the confidence of financial markets. In addition, Bank Indonesia also emphasized the important role of international financial institutions in supporting efforts to increase economic resilience and stability of the global financial system.
During the meeting, the IMF estimated that the COVID-19 pandemic was worse than expected, which would cause the global economy to decline in 2020. (AM/AR)