G20 Members to Formulate Development Funding for Least Developed Countries

Members of the Group of 20 (G20) have agreed to enhance multilateralism and push the formulation of development funding for least developed, developing, and small island developing countries, an Indonesian minister said here on Sunday.

The commitment was conveyed during the 3rd G20 Development Working Group (DWG) held in Bali on Aug. 10-12. The DWG was one of the working groups of Indonesia’s G20 Presidency that aims to discuss development issues. It was a forum for G20 members to talk and share perspectives on multilateralism, state growth, and development plans to achieve sustainable development goals (SDGs).

“All of us are aware that G20 countries have the knowledge, expertise, and financial resources to help accelerate the recovery and resilience in developing, least developed, and small island developing states. We have to push our efforts to build a solid advancement,” Indonesia’s National Development Planning Minister Suharso Monoarfa said in a written statement.

The minister also said that the latest DWG meeting also discussed the strategy for mitigating the COVID-19 pandemic, promoting micro, small, and medium enterprises, as well as digital and energy transitions, particularly in developing nations.

He said that the agreement made at the DWG meeting would be a reference for further discussion at the G20 Development Ministerial Meeting that would be held in Belitung island, Bangka Belitung Islands province, from Sept. 7 to 9.