Nusa Dua, Bali - Indonesia as a host country of Bali 2018 AM IMF-WBG gains a list of benefits: from knowledge transfer, investment and trade, tourism and lifting Indonesia leadership to the global fora; to foreign exchange income and short-term economic benefit around 5,9 trillion IDR during the event that is visited and attended around 36,000 people comprising mostly private sectors for their transportation, accommodation, food and beverages, shopping and entertainment, including nature and cultural tourism.
President of the Republic of Indonesia: His Excellency Joko Widodo, known as President Jokowi, declared, “It is a gesture that has become even more relevant today, as we are at a moment where the world needs a greater sense of shared responsibility. Our greatest challenges today such as poverty, inequality, climate change, violence and social fragility, as well as disaster preparedness and relief; all need global responses and improved collaboration among countries.”
Further, President Jokowi stated, “We should step up our efforts to ensure that the growth is inclusive, and the normalization of policy settings by major economies are well communicated and implemented in a timely manner with minimal adverse spillovers.”
“The nature of work is not only changing – it’s changing rapidly,” World Bank Group President Jim Yong Kim said. “We don’t know what jobs children in primary school today will compete for, because many of those jobs don’t exist yet. The great challenge is to equip them with the skills they’ll need no matter what future jobs look like – skills such as problem-solving and critical thinking, as well as interpersonal skills like empathy and collaboration. By measuring countries according to how well they’re investing in their people, we hope to help governments take active steps to better prepare their people to compete in the economy of the future.”
“Indonesia has enjoyed strong economic growth and is making significant advancements in its efforts to end extreme poverty,” said the World Bank Group President Jim Yong Kim in his opening remarks at the 2018 Annual Meetings press conference.
“It is pointless to celebrate triumph amidst destruction. It is pointless to become the biggest economic power amidst a sinking global economy,” as quoted from Indonesian President’s speech today (Friday, 12/10).
IMF is hosting side events besides plenaries as the main events at the Bali Annual meeting discussing about the Global Economy. The World Bank Group is hosting events exploring Human Capital, achieving inclusive growth, including urbanisation, tax and inequality, how peer-to-peer technology could harness technology for growth, how to reach the SDGs, issues facing different regions. Both in joint meetings discussing Financial Technology (FinTech) Agenda in Bali 2018 AM IMF-WBG in Nusa Dua.
Note to Editor:
IMF is hosting side events besides plenaries as the main events at the Bali Annual meeting discussing about the Global Economy by the IMF’s Managing Director. Women and youth at work, how policies can leverage progress against the SDGs, social protection and, the future of work and future of finance, together with how Global Trade can promote growth for all and Introducing the Bali Financial Technology or Financial Technology (FinTech) Agenda.
The World Bank Group is hosting events exploring Human Capital, achieving inclusive growth, including urbanisation, tax and inequality, how peer-to-peer technology could harness technology for growth, how to reach the SDGs, issues facing different regions, - focussing on Asia and Africa, how famine could be mitigated, how development can be financed, - using the global financing facility, Islamic finance roundtable, green financing and the Bali FinTech Agenda.
The international Financing System will require strengthening through normalising monetary policy across developed countries, to minimise challenges faced by developing countries, finishing the on-going IMF Governance reforms and ensuring the Global Financial Safety Net (GFSN) is strengthened through Regional Financing Arrangements.
Indonesia as a developing country will need to develop a second line of defence, policies responding to the emerging policy from developed countries, to minimise trade imbalance risks. These issues will be discussed at the G20 Deputies, MGM and IMFC meetings, the BI-NY Fed Central Banking Forum, and the BI-Reinventing Bretton Wood Committee (RBWC) seminar.
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