G20 DMM IN BELITUNG MADE HISTORY, AGREEMENTS ON MULTILATERALISM COMMITMENT TO BLENDED FINANCE

Belitung, September 9, 2022 – The Ministry of National Development Planning/National Development Planning Agency concluded the G20 Development Ministerial Meeting (DMM) held in Belitung from September 7-9, 2022. Minister of National Development Planning/Head of National Development Planning Agency, Suharso Monoarfa, explained that the meeting underlined the commitment and relevance of G20 as the main forum for international economic cooperation which aims to narrow development gaps and eradicate global poverty. “This is the second time in G20 history that we can gather Ministers of Development from G20 member states, invited countries, and heads of international organizations to unite shared commitment in supporting development actions,” said Minister Suharso said in Belitung on Thursday (8 September).

The meeting also made history through the selection of Belitung as host, which was the first time for the city to hold an international meeting for ministers from 20 countries with the largest economy in the world.  Belitung is a representation of a process of development and tangible transition from reliance on the extractive industry, namely tin mining, to a development of an inclusive and sustainable tourism sector.

“This shows that development achievements cannot be realized overnight. Achieving the transition requires strong commitment, concrete policies, and government consistency. This is the impression we would like to convey to the G20 Development Ministers and all delegates,” Minister Suharso said.

G20 DMM discussed several developments focuses, from accelerating the achievement of Sustainable Development Goals, expanding innovative financing scale through blended finance, improving productivity and competitiveness of MSMEs, optimizing adaptive social protection, to transforming the economy with the implementation of green economy and blue economy through low-carbon development and climate-resilient development.

The G20 Ministers of Development will cooperate with developing countries, international organizations, multilateral development banks, and other stakeholders to have international development cooperations which cover policy research, dialogue platforms, North-South Cooperation, as well as South-South and Triangular Cooperation.

“As one of our concrete contributions, the government of Indonesia also initiated the establishment of Global Blended Financial Alliance,” Minister Suharso said. The G20 DMM was the highlight of Development Working Group Meetings that were held in Jakarta, Yogyakarta, and Bali, which resulted in two deliverables, namely the G20 Roadmap for Stronger Recovery and Resilience in Developing Countries, including LDCs and SIDS; as well as G20 Principles to Scales Up Blended Finance in Developing Countries, including LDCs and SIDS. In response to geopolitical tensions as well as their negative effects, the 2022 G20 DMM agreed that development challenges require collaboration as well as a more inclusive and optimum multilateralism through the formulation of collective actions. “Amid the challenges and differences of opinions in responding to such challenges, it is not an easy task to find a middle ground. Nevertheless, I am proud that the G20 Ministers of Development are present and discuss the crucial issues in the development sector, particularly by putting forward the perspective of developing countries,” Minister Suharso said.

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