3RD G20 development Working Group Meeting concludes, urging importance of multilateralism and development funding mechanisms

Bali, 13 August 2022

– The 3rd G20 Development Working Group (DWG) Meeting in Bali, held between 10 August and 12 August, concluded on Friday (12/8) with the discussion and finalization of key G20 agreements. These include the G20 Roadmap for Stronger Recovery and Resilience in Developing Countries, Least Developed Countries, and Small Island Developing States, the G20 Principles to Scale Up Blended Finance in Developing Countries, the G20 Ministerial Vision Statement: Multilateralism for Sustainable Development Goals (SDGs) Decade of Action, and the 2022 G20 Bali Update.

“The Development Working Group is a place for G20 member countries to come together, prioritize multilateralism, share solutions that promote growth, remap development plans, and achieve the SDGs targets. The G20 possesses the knowledge, expertise, and financial resources required to reverse trajectories that have gone off track. Thus, let’s make every effort to change direction ad build solid progress,” said the Minister of National Development Planning/Head of Bappenas Suharso Monoarfa.

These agreements will serve as the foundation for discussing development cooperation at the G20 Ministerial Meeting held in Belitung on 7-9 September 2022. The G20 DWG Meetings have been held three times in 2022, namely in Jakarta (24-25 February), Yogyakarta (24-25 May), and Bali (10-12 August).

The DWG discussed the G20’s strategies for mitigating the Covid-19 pandemic, improving the welfare of small-to-medium scale businesses (MSMEs), fulfilling the SDGs, improving global health infrastructure, accelerating digital transformation, and helping transition towards sustainable energy in developing countries. G20 DWG Chairman Scenaider C. H. Siahaan said that the DWG is also targeting to increase efforts to implement blended finance schemes. “That’s what Indonesia also proposed; formulating principles for blended finance. So, how to bring in funding, including from development funds, from philanthropy as well, and also from the private sector to complement the budgets of developing countries,” he said.

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