GPF 2010_newsletter_issue2
Keynote Address
Susilo Bambang Yudhoyono, President of Indonesia, Makes
Groundbreaking Speech on Financial Inclusion
The day’s proceedings were very aptly initiated by a mellifluous rendering of Indonesia Raya, the national anthem, by the Bank Indonesia choir.
His Excellency Dr. Susilo Bambang Yudhoyono, President of Indonesia, began his address by observing that the first Global Policy Forum in Nairobi, Kenya, was conducted in the looming shadow of the global financial crisis. However, he continued, the damage is now under control because of cooperation by groups like the G20, which have helped spur modest global growth.
He went on to showcase some of Indonesia’s successful policies in fighting poverty, which are pro-jobs, pro-growth, pro-poor and pro-environment, he said. If policies are to be successful, they should be broader and include a wide range of products and services, he said. There cannot be just microcredit or plain-vanilla zero-balance savings accounts, he said, calling for extra efforts on all fronts and added, “It must not be business as usual.”
He also prescribed six factors that can help achieve financial inclusion - Leadership, Institutional Support and Coordination, Diversity, Innovation, Culture and Strong Regulatory Framework. He also urged the gathering of delegates to set national targets and allocate a budget for the financial inclusion effort. In conclusion, the President sounded a cautionary yet optimistic tone, noting that it’d take a long time to achieve universal financial inclusion. The way to do it is through international cooperation and poverty alleviation efforts can be made more effective if they are part of a global effort, he said.
“We all have to work together to develop a global mechanism.”
