Finance Minister Chatib Reminds APEC That The World Is Waiting

Nusa Dua, Bali, Sept 20 (Antara) - Indonesian Finance Minister Chatib Basri said the world is now waiting for the Asia Pacific region to recover from economic fluctuations and support growth momentum in the region. "There have been discussions on the need to carefully adjust and communicate their policies effectively for global financial market stability and global economic recovery," he said in his address at the meeting of Asia-Pacific Economic Cooperation (APEC) finance ministers on Friday. He added that the increasing economic instability reminded APEC members of the need to enhance their efforts to make their economies as resilient as possible. "This includes the development of strong fundamentals to support our economies through structural reform," he said. He mentioned that the recent capital outflows showed how vulnerable APEC is and that the global economy is still dominated by speculative short-term capital that could contribute to forming imbalances, leading to financial vulnerability. He added that Indonesia has decided to focus on infrastructural issues during its chairmanship. "Indonesia has consistently led efforts to improve the profile of the infrastructure reform agenda at APEC as well as other forums such as the ASEAN (Association of Southeast Asian Nations) and G20," he said. He mentioned that to strengthen and maintain growth, growing economies must withdraw their long-term capital to invest in the best infrastructure projects. This will not only benefit the economy of the country in which money is being invested but also pave way for international long-term investors to find stable and profitable investments, he explained. "Our challenge now is to take practical steps which need work, led by strategic prospects," he said. The finance ministers of the APEC region began their meeting on Friday. Eleven members of the organisation sent their finance ministers to the meeting, while 10 others sent senior officials, including the US.