In addition, the SCS framework has been strengthened between Indonesia-Malaysia as well as the LCS scheme between Indonesia-Japan, while expanding SCS partner countries through implementation of the Indonesia-China LCS in September 2021. Bank Indonesia is also increasing cooperation in the development of the financial system and/or financial system payments to support efficient and secure transactions as well as digital financial innovation.
The theme of one of today’s sessions, “The IMF – panacea for every illness” brings me to my last point, namely the role of the IMF in low-income countries and in development financing. Focusing the IMF’s objectives necessitates a clear distinction between its work and that of multilateral development organisations. Undoubtedly, the IMF has an important role to play in developing countries.