Indonesia calls on G20 to help developing countries recover from economic downturn

Source: Xinhua| 2020-11-22 21:18:58|Editor: huaxia

JAKARTA, Nov. 22 (Xinhua) -- Indonesian President Joko Widodo has called on the G20 economies to help developing countries and underdeveloped ones recover from the pandemic and economic downturn.

In the company of Foreign Minister Retno Marsudi, the Indonesian head of state made the remarks when attending the first day of the G20 Summit virtually from the presidential palace in Bogor, West Java, on Saturday evening.

"The president reminded the UN Secretary General's statement regarding the need for strong solidarity for developing countries. Without the assistance of the G20 countries, developing and underdeveloped countries will not easily recover from the pandemic and economic downturn," the president was quoted by the foreign minister as saying.

The Indonesian president also conveyed the importance of debt restructuring assistance for low-income countries, especially from large debt-giving countries, in support of the world economic recovery, the minister said.

According to the head of state, Marsudi said, the debt restructuring must be accompanied by improved debt management or sound debt organizing.

"The president said that the UNCTAD (United Nations Conference on Trade and Development) has requested financial support of 2.5 trillion U.S. dollars so that developing countries are able to get out of the economic downturn. Developing countries need fiscal space for economic recovery," Marsudi said.

Likewise, Joko Widodo conveyed the importance of continuing to provide extraordinary support for fiscal, monetary and financial sector policies, the minister said, adding that the president also raised the fiscal flexibility of developing countries needed to finance social safety net, boost domestic consumption, and drive small and medium-sized economies.

On the occasion, the Indonesian president who is known as Jokowi also called for the important funding for health recovery, saying that the world would not be healthy unless all countries are healthy and the vaccine is one of the ammunitions.

Jokowi said the world is currently watching and waiting for the meeting of the leaders of the G20 economies who are expected to bring the world out of the health crisis and economic downturn due to the COVID-19 pandemic.

The G20 Summit 2020 took place in a virtual format on Nov. 21-22 in Riyadh under the presidency of Saudi Arabia, with the theme "Realizing Opportunities of the 21st Century for All". Enditem