Indonesia was again trusted to lead the discussion on issues of economic recovery and public health at the UN Economic and Social Commission's multilateral forum for Asia and the Pacific (UNESCAP). This role is carried out by the Permanent Representative of the Republic of Indonesia to UNESCAP, Ambassador Rachmat Budiman, who is the chairman of the third session of the Committee for Macroeconomic Policy, Poverty Alleviation and Development Financing (MPFD), according to a statement from the Indonesian Embassy in Bangkok received in Jakarta, Friday.
The third session of the MPFD Committee took place on October 20-22, 2021 and was opened by the Deputy Secretary General of the United Nations together with the Executive Secretary of the Economic and Social Commission for the Asia Pacific (ESCA), Armida S. Alisjahbana. Armida stressed the importance of economic development during the pandemic. "The COVID-19 pandemic has provided an opportunity to reconsider policies and strategies, as well as align fiscal and financial resources with development efforts that will deliver significant results in the future," he said. The discussion at UNESCAP was also attended virtually by the Indonesian Minister of Finance Sri Mulyani Indrawati who conveyed Indonesia's efforts in post-pandemic recovery that were inclusive, resilient and sustainable. "Inclusive recovery will depend on how the government designs policies so that no one is left behind," he said.
Sri Mulyani said that the priority of inclusive recovery must also focus on efforts to save the community from the traps of health problems during a pandemic, through strategies for administering vaccines, testing, tracing and treating COVID-19 as well as building a reliable and effective health system. In addition, he said, it is also necessary to provide support to the community and poor families by creating a social safety net and providing government subsidies, for example for the use of electricity and the internet. Support for SMEs is also considered important to provide access to capital which requires close collaboration with financial institutions and is supported by access to digital technology. The Minister of Finance also said that sustainable recovery efforts during the pandemic require a strategy to design a green economy recovery, including through a commitment to build green economic growth and investment in new and renewable energy. This, according to Sri, needs to be done in an affordable and fair way.
"The role of multilateral institutions such as the United Nations, WHO, World Bank and IMF in coordinating and facilitating this cooperation is very important. Financial resources to provide global public goods in maintaining pandemic preparedness require cooperation at the global level," he said. He also stressed the need for collaboration and coordination at the regional and global levels to address the challenges of reforming and recovering the economy and public health during the pandemic. The MPFD Committee meets every two years and serves as a platform for evaluating regional economic development policies and options, as well as an integrated approach to development financing. In this third session, various fiscal, monetary and financial measures were discussed that will support the region in regaining economic momentum and ensuring that the recovery is in line with the Sustainable Development Goals (SDGs).
