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November 15, 2008

G-20 Summit
Indonesia: Quick, joint action needed to stabilise markets

Leaders at the Group of 20 summit meeting this weekend in Washington must deliver quick results in order to restore financial stability and confidence, Reuters quoted  Indonesian President Susilo Bambang Yudhoyono as saying Friday.

"We need to quickly restore confidence and stabilise the financial markets, protect the real economy and reform the financial architecture," he said.

"We will have to make sure that this process produces immediate results sooner rather than later," Yudhoyono said in a luncheon speech in the US capital.

The Indonesian leader said that he would use Saturday's White House gathering of leaders to "press on the need for coordinated and concerted action at the national, regional and global level to redress the liquidity squeeze, restore confidence and protect the real economy."

To help developing countries weather the crisis and continue to grow, Yudhoyono said he would on Saturday propose a Global Expenditure Support Fund that would make cash available for "eligible middle-income countries."

He said the global financial crunch contributed to an interconnected "quadruple crisis" -- energy, food, climate and credit -- that has hit the world in quick succession.

"Keep in mind that we do not know what else can go wrong," Yudhoyono said of this year's cascading global food, energy and financial woes. "God knows what other demons are waiting in ambush."

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