G20 agrees on 5 key points in Leaders’ Statement at G20 Summit in Bali

TEMPO.CO, Badung – The leaders of the G20 members declared on Wednesday, November 16, 2022 the declaration of the leaders of the G20 in Bali during the summit. In the declaration, there were five important points agreed by the member countries of the G20.

First, G20 members will be nimble and flexible in implementing 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, G20 members will build the resilience of global supply chains to support long-term sustainable, inclusive and equitable growth.

G20 members will also ensure long-term fiscal sustainability with the help of central banks in each member country. “So that price stability is achieved,” as quoted in the official Leaders Declaration document.

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

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

“In addition to increasing trade and investment for the needs of long-term food and energy security, sustainability, fertilizers and energy systems,” as quoted in the official Leaders’ Declaration document.

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

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

In addition, G20 member countries have called on multilateral development banks to advance their work to mobilize and provide additional financing within their mandates. “Support the achievement of the SDGs, including through sustainable development and investment in infrastructure, and respond to global challenges,” as quoted in the official Declaration Leaders document.

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

Bisnis | Translator: Intern / Imaji Lasahido

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