Sri Mulyani: Thanks to Vaccines and Policy Support, Economic Recovery is Improving

INDUSTRY.co.id - Minister of Finance Sri Mulyani Indrawati stated that entering the second year of the Covid-19 pandemic, thanks to the launch of vaccines and policy support, the prospects for economic recovery are getting better.

However, there is still an imbalance in the global recovery because in several countries, economies are projected to experience positive growth while hard-hit countries have much lower growth projections.

"We hope that the World Bank and the International Monetary Fund can increase efforts in supporting countries around the world to effectively manage their debt burden, increase their access to vaccines and implement their growth recovery strategies," hoped the Minister of Finance at the online Development Committee (DC) World Bank Spring Meeting 2021, Friday (09/04).

The Covid-19 pandemic has put tremendous pressure on public sector finances. The G20, the World Bank, the International Monetary Fund and private creditors must work together to ensure a fair burden-sharing scheme to help low-income countries.

"We need a greater supervision and guidance from the World Bank and the International Monetary Fund to overcome the problem of increasing debt and reduce increasing pressure," said the Minister.

Regarding economic recovery, the Minister of Finance welcomed the strong and inclusive development proposal as a comprehensive framework to integrate development considerations and climate change countermeasures.

"In closing, I would like to underline my hope that the World Bank and International Monetary Fund can continue and strengthen their important role as reliable partners and effective development partners for member countries in times of need," concluded the Minister of Finance.

For an additional information, the Development Committee (DC) is a Ministerial-level forum of the World Bank Group and the International Monetary Fund for consensus building between governments on development issues.

This committee was founded in 1974 and has 25 members, generally the Ministers of Finance or Minister of Development, and which represent full membership of the World Bank and the International Monetary Fund. (ip/mr/hpy)