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G20 Becomes Real Action in Facing Financial Storms and Multicrisis

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By : Abdul Razak )*

The G20 Summit will be held in Bali, 15-16 November 2022. With the theme ‘Recover Together, Recover Stronger ‘, this forum will try to solve various problems experienced by its members, including financial problems and multi-crisis resolution.

The pandemic of almost 3 years has made the situation chaotic, because its effects are also around the world. When concentrating on dealing with Corona and its effects, the economic sector is affected. This condition cannot be extended because it will cause various bad effects, ranging from the economic crisis, recession, to inflation. When there is a multi-crisis, the government tries hard to make the state’s financial situation improve again.

Therefore, when Indonesia was appointed as the G20 Presidency in 2022, it received a positive response from various parties. The G20 Summit is also very important as a place to work together among members and overcome financial and multi-crisis problems together.

Finance Minister Sri Mulyani stated that Indonesia’s G20 presidency would inspire enthusiasm to rise and recover together. Strong leadership and strong collective action are urgently needed to protect and lead the world to strong, sustainable and inclusive growth.

Sri Mulyani continued, Indonesia’s economic condition is still strong in the face of financial storms and multi-crisis. The theme of the G20 Summit “ Recover Together, Recover Stronger ”, was chosen because the world needs joint efforts and real action with the spirit of cooperation and collaboration, through the G20.

At the G20 Summit, cooperation in the overall health sector will be discussed. The pandemic is still happening even though the number of Corona patients continues to decline. But that doesn’t mean the situation is 100% safe because the virus can still mutate. Therefore, collaboration is needed so that all G20 members can handle the Covid-19 virus and its impacts.

If there is cooperation, there will be sharing on how to control the pandemic, so that there is no patient explosion. Then there is also cooperation and the provision of vaccines, when there are G20 member countries that still lack the stock of Covid-19 vaccines. When this happens, the community will be healthy and have a positive impact on the economy.

When the people are Corona-free and obey the procedures, the economies of the G20 member countries will bounce back, because they are passionate about work. No one is afraid of contracting Corona because everyone is orderly to wear masks. Factories are also open continuously, not taking turns or having work from home sessions , so the wheels of the economy roll quickly.

Then, cooperation at the G20 Summit is on the transition to sustainable energy. Indonesia became a pioneer by shifting from the use of fossil fuels to renewable energy (EBT) which is sourced from solar or wind power.

With this cooperation in the field of new energy, the world will be a better place, because NRE is very low emission and environmentally friendly. When emissions are minimal, it will reduce the potential for perforation of the ozone layer, so the earth will be healthier.

At the G20 Summit there will be cooperation so that all members are united in switching to EBT. The energy transition is really needed, because the supply of fossils that are processed into petroleum is running low. Therefore, before fossils are completely depleted, there needs to be an energy transition as soon as possible, also for adaptation so that people are not shocked.

Meanwhile, the Tony Blair Institute paid a visit to Indonesia, and his delegation met with the Minister of Health Budi Gunadi Sadikin. The meeting discussed cooperation to overcome the pandemic in Indonesia and all members of the G20. Britain as the country of origin of the Tony Blair Institute as well as a member of the G20, strongly supports the Indonesian Presidency at this year’s G20 Summit.

Minister of Health Budi Gunadi Sadikin explained, there will be 5 targets set in this year’s G20 Presidency. First, establish a pandemic fund so that when the next pandemic occurs, they are ready with money for operations and mitigation. There are currently no signs of the next pandemic, but there’s nothing wrong with being prepared.

Second, establish a formal mechanism for pandemic funds. These funds will be used to buy medicines, vaccines, and others. It is hoped that this money will help poor countries that are having difficulty getting medicines and vaccines. While the third is to build a network of genome sequences around the world. Because, diseases, viruses, and bacteria can spread quickly.

The fourth is health protocol standards globally. In a sense, it is not until in Indonesia that it is still mandatory to wear masks, but in other countries (G20 members) it is free not to wear masks. Even though the country is visited by many foreign tourists, and it can be dangerous because there is Corona transmission.

Therefore, Indonesia as the G20 Presidency in 2022, is working hard to make this event a 100% success. Cooperation among members of the G20 is very important to deal with financial storms and multidimensional crises. Meanwhile, cooperation in the health sector will nourish the world community, and have a positive impact on global economic growth.

)* The author is a contributor to the Nusa Bangsa institute

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