The 1st FCBD in Bali Kickstarts G20 Presidency of Indonesia

TEMPO.CO, Jakarta – Discussion on economic and financial issues at the G20 forum begins today on December 9, marked by the 1st Finance and Central Bank Deputies Meeting (FCBD). 

Bank Indonesia Head of the International Department Dody Zulverdi said there are a number of important agendas that will be discussed by G20 member central banks’ deputy level officials.

“This discussion will serve as material for a ministerial and central bank governor-level meeting which will take place in February 2022,” he said at the Bali Nusa Dua Convention Center on December 8.

The agendas to be discussed will be closely related to this year’s Indonesian G20 presidency focusing on global collective recovery and managing “exit strategies” of the economy amidst the Covid-19 pandemic.

“Some of them will discuss the normalization of the stimulus that has been given by the G20 members so as not to have a negative effect on the economy,” he added. 

The following agenda, he said, is strengthening the global financial system, including the digitization of the payment system. 

This deputy level meeting will also discuss the issue of sustainable finance or a sustainable financial system. On this topic, issues related to the development of a sustainable financing system will be discussed, including financing the ‘green economy’ sector. 

“Take the example of the energy transition, which requires major costs,” he said.

The results of the 1st Finance and Central Bank Deputies meeting will be addressed at the Finance Ministers and Central Bank Governors Meeting (FMCG) which will take place in February, April, July, and October 2022. The Indonesia G20 Presidency consists of two major parts that include financial meetings and sherpa meetings, which discuss non-economic issues which will be held in Jakarta on December 7-8.