Jakarta: The negotiation of Second Committee’s draft resolution titled “Financial Inclusion for Sustainable Development” has come to an end with all delegates achieving a consensus on the final text.
The delegation of Indonesia facilitated the month-long negotiation on the draft resolution, which addresses the role of financial inclusion on sustainable development.
Specifically, the resolution addresses, among others, how financial inclusion, as a policy objective, can enhance economic development of people by serving as an avenue to identify and overcome financing gaps as well as binding constraints.
The resolution also mentions digitally enabled innovation in the financial sector (fintech), which has contributed significantly to the rapid expansion of access to financial services and financial inclusion.
"And in this context, encourages the improvement of responsible digital financial practices and promotion of regulatory responses," the Indonesian Foreign Affairs Ministry said in a press statement released on Friday, November 22, 2019,
Hereafter, as the final stage, the draft resolution will be adopted on 27th of November 2019 in the Second Committee of the UN General Assembly.