Indonesia Participates in the G-20 Third Virtual Meeting

Jakarta, InfoPublik - G-20 Finance Ministers and Central Bank Governors held a third virtual meeting on Saturday, 18 July.

This year, G-20 Summit is held under the theme "Realizing Opportunities of the 21st Century For All" which is chaired by Saudi Arabia as the G-20 2020 Presidency and discusses three main agendas.

First, Empowering People, by creating the conditions in which all people – especially women and youth – can live, work and thrive. Second, Safeguarding the Planet, by fostering collective efforts to protect our global commons. Third, Shaping New Frontiers, by adopting long-term and bold strategies to share benefits of innovation and technological advancement.

G-20 members agreed to support the G-20 High-Level Principles for Digital Financial Inclusion for Youth, Women and SMEs prepared by the Global Partnership for Financial Inclusion (GPFI).

The steps taken by GPFI to complete the final streamlining activities outlined in the "GPFI Work Program and Structure: A Road Map to 2020” which includes the Financial Inclusion Action Plan and the Updated Terms of Reference is one of the communique points generated at the meeting.

Finance Minister Sri Mulyani in a written statement on Wednesday, 22 July, stated that Indonesia is honored to be one of the countries sharing its experiences in supporting youth, women, and vulnerable groups.

"It is an honor for Indonesia to share our policy experience in supporting youth, women and vulnerable groups, which includes the Smart Indonesia Card Program, the Link and Match Program for Vocational High Schools, and Ultra-Micro Credits," said the Minister.

The Minister further explained that the Smart Indonesia Card Program provides financial assistance for 20 million children from disadvantaged families to access education up to high school or vocational high school, while the Link and Match Vocational Program have increased the number of graduated students absorbed by industry.

In the Ultra Micro Credits Program (UMi), the government provides unsecured loans for micro businesses which are generally owned by women who have no prior banking access. With a near-zero level of bad credit, the micro-credits program shows that these female borrowers are reliable.

Reporter/Writer: Isma