REPUBLIKA.CO.ID, JAKARTA -- The G20 member countries, at a forum in Chengdu, China, on July 23-24, 2016, agreed to proactively cooperate in overcoming the post-Brexit global economic turmoil.
Bank Indonesia Governor Agus D.W. Martowardojo, who attended the forum along with Finance Minister Bambang Brodjonegoro, noted in a statement on Monday that it was important to improve global economic resilience amid uncertainty and the risk of economic turmoil.
According to Martowardojo, Bank Indonesia has lauded the IMF for exploring a new facility that is in accordance with the requirements of the members, including developing nations, to strengthen the global financial safety net.
One of Bank Indonesia's proposals, which was supported by some of the G20 member countries, was the development of a precautionary facility by the IMF.
Specifically, the Bank Indonesia governor conveyed the importance of clear communication and effective contingency plans to reduce uncertainty and the volatility risk of post-Brexit.
Martowardojo also encouraged Great Britain and the European Union to continue a smooth and transparent transition process towards a new partnership.
An optimal solution reached by both parties is believed to be beneficial not only for the European region but also for the global economy.
In general, finance ministers and central bank governors of the G20 member countries at the forum believed that the global economic recovery continued though still with weak growth and did not meet expectations. The global economy still faces risks stemming from economic and non-economic factors.
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