New G20 framework benefits Indonesia

Indonesia is upbeat the G20 Summit, which has produced a number of breakthroughs to maintain the recovery of the global economy and prevent further crisis, will strengthen its resilience in the face of the economic downturn.

President Susilo Bambang Yudhoyono told a press briefing after the summit, which concluded here Friday, that Indonesia would benefit from the tighter international financial standards, which will reduce the negative impacts of the global financial system on the country’s domestic economy.

In their statement, the G20 leaders agreed “to launch a framework that lays out the policies and the way we act together to generate strong, sustainable and balanced global growth, and to make sure our regulatory system for banks and other financial firms rein in the excesses that led to the crisis.”

The G20 Summit accepted Indonesia’s proposal to apply countermeasures for countries that refuse to cooperate in returning ill-gotten money placed or laundered there.

The acceptance means the G20 will help Indonesia’s effort to recover trillions of dollars of assets moved overseas by corruption convicts or suspects.