ID :
30439
Sun, 11/16/2008 - 00:11
Auther :
Shortlink :
https://www.oananews.org//node/30439
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PRESIDENT TO PROPOSE FUND FOR DEVELOPING COUNTRIES AT G-20 SUMMIT
Washington DC, Nov. 14 (ANTARA) - President Susilo Bambang Yudhoyono at the upcoming Group of 20 Summit will propose the establishment of a Global Expenditure Support Fund to help developing countries maintain their economic growth and sustain development.
"And as we brace ourselves for hard times ahead, I will stress the need to protect the poor in developing countries, by ensuring that pro-poor development budgets are not harmed. That is why, I will propose the establishment of a Global Expenditure Support Fund to help developing countries maintain their economic growth and sustain development," President Yudhoyono said in his speech at USINDO (US-Indonesia Society) Luncheon here on Friday.
With this Support Fund, emerging countries, especially those in Asia, can be better positioned to act as an engine of growth for the world economy, he said.
"This Fund will be made available mainly for eligible 'middle income countries', and will have a life cycle of a minimum of 3 years. If agreed, we can expect the finance ministers to work out the details in the next 100 days," he said in his speech titled "Indonesia and America: A 21 Century Partnership" before around 200 USINDO members.
He said when speaking at the G-20 Summit on Sunday , he would also stress the need for coordinated and concerted action both at the national, regional and global level to redress the liquidity squeeze, restore confidence, and protect the real economy.
On the current global financial crisis, the Indonesian head of state said, there was need to immediately restore confidence, protect the real sector, and reform the international financial architecture.
"I also hope the present G-20 Summit, which President Bush will chair, will be the starting point of a process that will lead to the reform the international financial architecture, so that it reflects 21st century realities," Yudhoyono said.
"The holding of a G-20 Summit in Washington DC, for which I am here, is a good start -- I strongly urged President Bush in our telephone conversation to convene the G-20 Summit rather than the more exclusive G-13 Summit," he said.
On climate change, the president said the US, as the world's largest emitter was not just part of the problem, but it must also be part of the solution.
Yudhoyono also called on efforts to raise world food production.
"We need to have a 'second green revolution' around the world to follow the successful green revolution of the 1970's -- this time around of course without damaging the environment. This will need massive investments in agriculture, in irrigation, in fertilizers, in high-yield seeds, in the expanded cultivation of arable land, in agro-technology," he said.
On energy security, he hoped that the US could encourage its industries, transport and homes less dependent on oil, and share its green technology innovation with developing countries.
"The present financial crisis can have the effect of detracting resources from the climate change process--we cannot let that happen. Climate change can seriously affect our long-term food production--we cannot let that happen. Our energy policy, if pursued wrongly, can lead to both food and climate security--we cannot let that happen," he said.
Among those present in the USINDO Forum were USINDO President Davil Marrill, Minister/State Secretary Hatta Radjasa, Finance Minister Sri Mulyani, and Trade Minister Mari Elka Pangestu.
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"And as we brace ourselves for hard times ahead, I will stress the need to protect the poor in developing countries, by ensuring that pro-poor development budgets are not harmed. That is why, I will propose the establishment of a Global Expenditure Support Fund to help developing countries maintain their economic growth and sustain development," President Yudhoyono said in his speech at USINDO (US-Indonesia Society) Luncheon here on Friday.
With this Support Fund, emerging countries, especially those in Asia, can be better positioned to act as an engine of growth for the world economy, he said.
"This Fund will be made available mainly for eligible 'middle income countries', and will have a life cycle of a minimum of 3 years. If agreed, we can expect the finance ministers to work out the details in the next 100 days," he said in his speech titled "Indonesia and America: A 21 Century Partnership" before around 200 USINDO members.
He said when speaking at the G-20 Summit on Sunday , he would also stress the need for coordinated and concerted action both at the national, regional and global level to redress the liquidity squeeze, restore confidence, and protect the real economy.
On the current global financial crisis, the Indonesian head of state said, there was need to immediately restore confidence, protect the real sector, and reform the international financial architecture.
"I also hope the present G-20 Summit, which President Bush will chair, will be the starting point of a process that will lead to the reform the international financial architecture, so that it reflects 21st century realities," Yudhoyono said.
"The holding of a G-20 Summit in Washington DC, for which I am here, is a good start -- I strongly urged President Bush in our telephone conversation to convene the G-20 Summit rather than the more exclusive G-13 Summit," he said.
On climate change, the president said the US, as the world's largest emitter was not just part of the problem, but it must also be part of the solution.
Yudhoyono also called on efforts to raise world food production.
"We need to have a 'second green revolution' around the world to follow the successful green revolution of the 1970's -- this time around of course without damaging the environment. This will need massive investments in agriculture, in irrigation, in fertilizers, in high-yield seeds, in the expanded cultivation of arable land, in agro-technology," he said.
On energy security, he hoped that the US could encourage its industries, transport and homes less dependent on oil, and share its green technology innovation with developing countries.
"The present financial crisis can have the effect of detracting resources from the climate change process--we cannot let that happen. Climate change can seriously affect our long-term food production--we cannot let that happen. Our energy policy, if pursued wrongly, can lead to both food and climate security--we cannot let that happen," he said.
Among those present in the USINDO Forum were USINDO President Davil Marrill, Minister/State Secretary Hatta Radjasa, Finance Minister Sri Mulyani, and Trade Minister Mari Elka Pangestu.
***5***
