Indonesian Finance Minister Sri Mulyani Indrawati called for global collaboration on handling economic challenges and climate change during the Third Meeting of G20 Finance Ministers and Central Bank Governors held in Brazil.
As cited from her office's statement received here on Monday, Indrawati remarked that global economic uncertainties induced by geopolitical tensions, monetary fluctuations, and elections had led to increased market volatility and hampered investments.
On that note, the minister pointed to the need for macroeconomic policies that can address inequality, the impacts of fluctuations in exchange rates and interest rates, and medium-term economic effects.
She then proposed implementing the debt-for-climate swap scheme that allows countries with low fiscal capacity to swap debts they owe for commitments to mobilizing funds for eco-friendly initiatives.
Indonesia has resorted to the scheme by swapping its responsibility to pay US$35 million in debts for a commitment to disbursing the same amount of funds for the protection of coral reefs.
"Indonesia will strengthen its national biodiversity financing framework and continuously bridge gaps in the financing of biodiversity conservation and utilization," she stated.
In addition to the debt-for-climate swap, the Indonesian state treasurer also pushed for the formulation of integrated strategies to boost development financing, with the aim of pursuing the Sustainable Development Goals (SDGs).
She then drew attention to international taxation, highlighting the need for a more fair tax imposition on wealthy people.
"Effective, progressive policies are required to narrow down income and wealth disparities. It is also necessary to promote information exchange to prevent people with high incomes from committing aggressive tax planning," she emphasized.
Furthermore, Indrawati emphasized the urgency of reforming multilateral development banks (MDBs) to maintain their relevance and effectiveness.
"MDBs should also bolster the representation of developing countries, including by employing more staff from such countries, to implement effective projects and take local contexts and cultures into consideration," she remarked.
COPYRIGHT © ANTARA News Jawa Timur 2024
As cited from her office's statement received here on Monday, Indrawati remarked that global economic uncertainties induced by geopolitical tensions, monetary fluctuations, and elections had led to increased market volatility and hampered investments.
On that note, the minister pointed to the need for macroeconomic policies that can address inequality, the impacts of fluctuations in exchange rates and interest rates, and medium-term economic effects.
She then proposed implementing the debt-for-climate swap scheme that allows countries with low fiscal capacity to swap debts they owe for commitments to mobilizing funds for eco-friendly initiatives.
Indonesia has resorted to the scheme by swapping its responsibility to pay US$35 million in debts for a commitment to disbursing the same amount of funds for the protection of coral reefs.
"Indonesia will strengthen its national biodiversity financing framework and continuously bridge gaps in the financing of biodiversity conservation and utilization," she stated.
In addition to the debt-for-climate swap, the Indonesian state treasurer also pushed for the formulation of integrated strategies to boost development financing, with the aim of pursuing the Sustainable Development Goals (SDGs).
She then drew attention to international taxation, highlighting the need for a more fair tax imposition on wealthy people.
"Effective, progressive policies are required to narrow down income and wealth disparities. It is also necessary to promote information exchange to prevent people with high incomes from committing aggressive tax planning," she emphasized.
Furthermore, Indrawati emphasized the urgency of reforming multilateral development banks (MDBs) to maintain their relevance and effectiveness.
"MDBs should also bolster the representation of developing countries, including by employing more staff from such countries, to implement effective projects and take local contexts and cultures into consideration," she remarked.
Editor : Vicki Febrianto
COPYRIGHT © ANTARA News Jawa Timur 2024