ID :
29702
Wed, 11/12/2008 - 00:05
Auther :
Shortlink :
http://m.oananews.org//node/29702
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G-20 SUPPORTS RI'S PROPOSAL FOR DEVELOPMENT SUPPORT MECHANISM
San Paolo, Nov 11 (ANTARA) - A finance ministerial and central bank gubernatorial meeting of G-20 countries which wound up on Monday issued some agreements and important decisions on handling the current global financial crisis which will be taken up in the G-20 Summit in Washington on November 15, 2008.
One of the agreements was on an Indonesian proposal on the development of a support mechanism for the developing countries in overcoming the international financial crisis, a release of the International Cooperation and Fiscal Policy Agency of the Finance Ministry said on Tuesday.
Finance Minister Sri Mulyani Indrawati who attended the ministrial meeting said that the G-20 countries supported Indonesia's proposal amid emerging markets with their good fundamentals, but still burdened with the impact of the crisis that affected the market.
The minister also explained other steps agreed on in the meeting such as the restoration of market confidence in the financial system, joint efforts to overcome lack of international liquidity, reforms of global financial architecture which may reflect representation of developing countries and better supervisory mechanism for the financial sector.
Formed in 1999 as a dialogue forum between advanced and developing countries, G-20 forum was expected to overcome the impact of the Asian Financial Crisis late in the 1990s whereas its members consisted of important countries in global economic and financial system which played a leading role in their respective region.
Representing 85 percent of the world gross domestic product, two-third of the world's population and over 80 percent in the possession of World Bank and IMF shares, Indonesia was the only ASEAN country to attend the G-20 meeting.
The G-20 meeting in San Paolo gave higher priority to discussions on the global financial crisis and a response of monetary and financial authorities to overcome the crisis.
In the meeting, Minister Sri Mulyani along with the World Bank President appeared as main speakers in the session on response to fisacal policy in the handling of the financial crisis.
The G-20 forum agreed that the present financial crisis was inseparable from risk-taking, irresponsible market risk management practices, global policies which tend to create an imbalance and poor regulations and supervision in some advanced countries.
In this context, close cooperation among G-20 member countries is badly needed for a better and quicker handling of the crisis and not only to restore market confidence, but also improve financial stability and restore normal global economic growth.
One of the agreements was on an Indonesian proposal on the development of a support mechanism for the developing countries in overcoming the international financial crisis, a release of the International Cooperation and Fiscal Policy Agency of the Finance Ministry said on Tuesday.
Finance Minister Sri Mulyani Indrawati who attended the ministrial meeting said that the G-20 countries supported Indonesia's proposal amid emerging markets with their good fundamentals, but still burdened with the impact of the crisis that affected the market.
The minister also explained other steps agreed on in the meeting such as the restoration of market confidence in the financial system, joint efforts to overcome lack of international liquidity, reforms of global financial architecture which may reflect representation of developing countries and better supervisory mechanism for the financial sector.
Formed in 1999 as a dialogue forum between advanced and developing countries, G-20 forum was expected to overcome the impact of the Asian Financial Crisis late in the 1990s whereas its members consisted of important countries in global economic and financial system which played a leading role in their respective region.
Representing 85 percent of the world gross domestic product, two-third of the world's population and over 80 percent in the possession of World Bank and IMF shares, Indonesia was the only ASEAN country to attend the G-20 meeting.
The G-20 meeting in San Paolo gave higher priority to discussions on the global financial crisis and a response of monetary and financial authorities to overcome the crisis.
In the meeting, Minister Sri Mulyani along with the World Bank President appeared as main speakers in the session on response to fisacal policy in the handling of the financial crisis.
The G-20 forum agreed that the present financial crisis was inseparable from risk-taking, irresponsible market risk management practices, global policies which tend to create an imbalance and poor regulations and supervision in some advanced countries.
In this context, close cooperation among G-20 member countries is badly needed for a better and quicker handling of the crisis and not only to restore market confidence, but also improve financial stability and restore normal global economic growth.
