Page 300 - BUKU STRENGTHENING THE INDONESIAN PARLIAMENTARY DIPLOMACY FADLI ZON

Indonesia has initiated this measure through Local Currency Settlement Framework (LCSF)
with Malaysia and Thailand. We have also established bilateral currency swap with several
trade partners including Australia, China, Japan, Republic of Korea and expects for more in the
future.

Indonesia is of the view that a stable and sustained economic is fundamental for the achievement
of the Agenda 2030: The Sustainable Development Goals (SDGs). History has taught us to
promote more prudent monetary and fiscal policies as the basis to create national economic
resilience.

Indonesia has been committed to a series of financial system reforms and formulate sounder
macroeconomic growth. An example of institutional reform is the restructuring of Central Bank
in 1999, in which it was made into an independent institution apart from the Government. A
Financial Services Authority has been established in order to overhaul regulatory oversight.
Establishment of FSA confirmed our commitment toward enhancing risk-oriented banking
supervision according to Basel principles and reforming the accounting system. Establishment
of FSA gave opportunity for the Central Bank to focuses on macroeconomic prudential policies
to guard against systemic risk.

We need to work together if we are committed to advance the Eurasian. A strategic economic
partnership between Eurasian countries including through LCSF is a start for a larger trade and
economic cooperation among Eurasian.

Further, as the Eurasia Economic Union (EAEU), European Union (EU), Asia Cooperation
Dialogue (ACD), Shanghai Cooperation Organization (SCO), ASEAN and others can be
considered as the sub-organizations established within the supercontinent of Eurasia, Indonesia
encourages a stronger partnership and cooperation of these organizations towards the Eurasian
Community, which will give mutual benefit to our citizens.

In terms of sustainable development, parliament has crucial roles to support the achievement of
SDGs. We are the stakeholders of the SDGs. Thus, having the SDGs implementation accountable
to the people is a mandatory for us. The Indonesian House established the SDGs Task Force as
a means to strengthen parliamentary roles on SDGs. The Task Force is a cross-factions and
cross-commissions membership with mandate to monitors the SDGs implementation and
recommend SDGs policy at the national level.

The Indonesian House deems that we need to integrate economic, social and environment pillars
of the sustainable development into a coherent, cross-cutting and comprehensive policies to be
implemented by our national stakeholders.

Selected Speeches of the Vice Speaker of the House of Representatives of the Republic of Indonesia I 287