Indonesia has strongly advocated for a comprehensive reform of the global financing system, urging it to become more inclusive and responsive to the pressing needs of developing countries. This crucial call was made during the G20 Summit held in Johannesburg, South Africa, on Friday, November 22.
At the esteemed forum, Vice President Gibran Rakabuming Raka underscored a critical deficiency: the current international financial architecture falls short in providing adequate fiscal space for developing nations to genuinely pursue their long-term development aspirations.
During the plenary session, Indonesia championed the establishment of more equitable financing mechanisms. Key proposals included options for debt write-offs, the strategic use of blended finance, and dedicated funding support for the vital green energy transition. The government emphasized that equitable, affordable, and predictable access to financing is a pivotal factor in bolstering global economic resilience and accelerating the ambitious agenda of sustainable development goals (SDGs).
Reflecting the Vice President’s stance, Coordinating Minister for Economic Affairs Airlangga Hartarto stated in a press conference following the first day of the G20 2025 Summit: “The Vice President affirmed that international financing must be more accessible and equitable for developing countries, encompassing measures such as debt write-offs, innovative financing solutions, and robust support for the green transition.”
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Beyond the crucial discussions on global financing, Indonesia urged the G20 to expedite the adoption and utilization of inclusive digital technology. The nation highlighted its domestic QRIS system as a prime example of a cost-effective, simple, and efficient cross-border payment solution, already widely adopted across various Asian countries, including Japan and South Korea. The government posited that similar interoperable payment models could emerge as a global standard, significantly strengthening financial inclusion worldwide.
Airlangga further added, “He also highlighted the success of simple digital solutions like QR, which have been adopted by various Asian nations, and advocated for the commencement of a G20 dialogue on the intelligence economy amidst the rapid advancements in financial technology.”
Indonesia strongly stressed that the reform of international financing must proceed in parallel with the establishment of adaptive and inclusive technology governance. Consequently, the government pressed the G20 to initiate formal discussions on the economy of intelligence and a robust framework for AI governance, particularly given the increasing integration of artificial intelligence into the global economic and financial systems.
Summary
Indonesia, represented by Vice President Gibran Rakabuming Raka at the G20 Summit in Johannesburg, advocated for comprehensive reform of the global financing system. He emphasized the need for it to be more inclusive and responsive to developing countries, as the current international financial architecture falls short. Key proposals included debt write-offs, blended finance, and support for green energy transition to ensure equitable and affordable access to financing, bolstering global economic resilience and sustainable development.
Beyond financing, Indonesia urged the G20 to accelerate the adoption of inclusive digital technology, citing its QRIS system as an efficient model for cross-border payments that could become a global standard. The nation also stressed that international financing reform must align with adaptive technology governance. Therefore, Indonesia pressed for G20 discussions on the economy of intelligence and a robust framework for AI governance amidst rapidly evolving financial technology.
