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“Discussions on the 2nd FWG assembly targeted on the present international financial state of affairs and precedence problems with the Presidency, which is the macroeconomic impacts of local weather change and the scarring impact,” the presidential co-chair, Nella Sri Hendriyetty, mentioned right here on Thursday.
The 2nd FWG assembly, which happened in Jakarta on Might 24 and 25, 2022, was a follow-up to the primary FWG assembly hosted in January and the 2nd Finance Ministers and Central Financial institution Governors assembly in April.
On the 2nd FWG, delegates mentioned the outlook and international financial dangers brought on by the struggle in Ukraine, excessive and chronic international inflationary pressures, and the impression of stricter financial insurance policies in lots of nations.
One of many concepts introduced up through the first day of dialogue was the necessity for international consciousness of threats to meals and power safety, which could hinder restoration and put welfare in danger.
On the second day of the assembly, delegates mentioned the impression of local weather change on the macroeconomy and efforts to mitigate it.
Hendriyetty highlighted the significance for member nations to pursue collective motion for mitigating local weather change whereas taking every nation’s situations into consideration.
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The second concern mentioned was the scarring impact, with member nations planning to progressively stop assist for insurance policies for dealing with the pandemic, together with tax stimuli.
A number of elements had been thought-about for the implementation of this technique, together with enhancing the pandemic state of affairs, financial restoration, encouraging productiveness, growing revenue, and enhancing labor market situations.
“From the assorted impacts of the pandemic, probably the most regarding is the scarring impact on training and the human assets high quality points,” the Indian co-chair, Anantha Nageswaran, mentioned.
The outcomes of the 2nd FWG assembly shall be among the many inputs for the third Finance Ministers and Central Financial institution Governors, which shall be carried out in July this yr.
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