ASIATODAY.ID, JAKARTA – Ministers of Finance, members of the Asia Pacific Economic Cooperation (APEC) forum, agreed that global economic conditions are still challenging with increasing uncertainty.
These risks come from, among other things, the global monetary policy stance (higher for longer) and increasing geopolitical tensions which weaken the global economic outlook. This was revealed at the KiTa APBN Conference on Friday, November 24 2023.
“We need to continue to maintain the APBN as an instrument that can always be relied on in facing various pressures. “The commitment to continue maintaining the APBN is very important because this is a tool that is the foundation and at the same time powerful for addressing development issues,” emphasized the Indonesian Minister of Finance, Sri Mulyani Indrawati.
At the APEC meeting, modern supply side economics was also discussed, especially how supply side disruption, both due to geopolitics and technology, poses a threat to economic stability in the Asia Pacific.
APEC Finance Ministers are committed to supporting a series of supply-side policies to overcome market failures and encourage long-term growth that is resilient, inclusive and sustainable focused on increasing labor supply; Human Resources; infrastructure; Research & Development; and investments to support environmental sustainability.
“In APEC, sustainable finance is also discussed. “This is also something that is very important, consistent with the G20 discussion, where it is important to continue to support the clean energy transition, especially in various countries, including in this case climate change funding from developed countries to developing countries amounting to $100 billion until 2025,” continued the Minister of Finance.
Finally, the APEC Finance Ministers support a resilient, inclusive and innovative digital asset ecosystem by maintaining high regulatory standards and increasing financial stability and mitigating the resulting risks. (AT Network)
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