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Officials from the Asia-Pacific Economic Cooperation (APEC) focus on sustainability and the digital economy.

JAKARTA, Indonesia – Deputies from Asia-Pacific finance and central banks met to discuss policy ideas to help the transition to sustainable finance and to commit to more sustainable economic growth and the digital economy.

As noted in a release issued by APEC Finance and Central Bank Deputies and received here on Thursday, the Asia-Pacific Economic Cooperation (APEC) member economies recognized the risk of climate change and the role of sustainable finance in achieving global targets to curb carbon emissions under the 2022 Finance Ministers’ Process theme of “Advancing Digitalization, Achieving Sustainability.”

“Authorities around the world have shifted their emphasis in the previous two years to preserving people’s lives and defending livelihoods, and properly so,” said Krisada Chinavicharana, chair of the 2022 APEC Finance and Central Bank Deputies Meeting.

“Today, as we negotiate life with Covid-19 (coronavirus disease 2019), many of us have learned that sustainability is an essential aspect of rehabilitation, essential in ensuring a brighter future for our people,” Krisada added.

The summit, which took place digitally on March 16-17, heard member economies’ perspectives and best practices on policy instruments for promoting sustainable finance in light of the pandemic’s fiscal constraints.

Members of APEC also discussed the benefits and costs of taking more ambitious measures, as well as how to better integrate disaster risk funding into government budgets and create a sustainable financial structure.

“As governments, we have the potential to do more, to mobilize resources, and to create structural reforms,” Krisada, who is also Thailand’s Permanent Secretary, added.

“We can’t afford to sit around waiting for the private sector to act. It’s excellent if the two collaborate and work closely together “Added he.

The rapid rise of digital technology has spurred APEC member economies to examine how digital technologies may help with fiscal policy and inclusive finance.

“Governments learned to use data during the pandemic, when we were under lockdown, to better allocate and target government support or stimulus packages, which are then provided through digital channels, like as mobile applications or electronic payment systems,” Krisada added.

“We need to keep riding the tide of technology and expand its involvement in sectors like payment and remittance services, as well as government revenue collection,” he said.

Krisada asked member economies to take advantage of the momentum and debate how the trend may be exploited for the benefits of financial inclusion while resolving issues in cross-border transactions, given that Asia-Pacific is the largest contributor to global payments revenues.

“Not only will this assist individuals across the region, but it will also benefit our micro, small, and medium businesses, who will profit from the transparency, openness, and connectedness across the region,” he added.

International organizations cautioned APEC members about the impact of sanctions and geopolitical concerns, as well as rising commodity prices and inflationary pressures, all of which will have spillover effects on the region’s economy and necessitate monetary policy adjustments.

The discussions from the two-day conference of finance and central bank deputy ministers will be moved forward to the APEC Senior Finance Officials’ Meeting in June.

When the APEC Finance Ministers convene in October, their proposals will be presented to them.

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