The World's Largest Gathering of Financial Leaders
Bali Nusa Dua, the 8th of October 2018
Nusa Dua, Bali - Indonesia has been chosen to host the 2018 International Monetary Fund-World Bank Group (IMF-WBG) Annual Meeting (AM). Starting in September 2014, Indonesia indicated its interest to host the event, with a letter and proposal to the Meeting Team Secretariat (MTS) of the IMF and the World Bank. It is only by April 2015, Indonesia, Senegal and Egypt were the shortlisted countries and on the 10th Oct 2015, Indonesia was chosen to host the 2018n combined event.
In August 2016, then Ministry of Finance and Bank Indonesia were assigned, to resource the preparation for the event. Over three trillion Indonesian Rupiahs (IDR) has been invested to upgrade the Balinese infrastructure, it has created an increase in work opportunities of 1,26% and has successfully reversed the down turn in Bali’s tourism caused by the 2017 eruption of Mount Agung.
It is estimated that it has caused a 0.64% increase in GNP, 32,700 job opportunities, - an increase of 1.13% for workers in Bali. It is valued that the visitors during the event will spend over one trillion IDR, the total economic size of the event – direct and indirect reaching 7.8 trillion IDR.
The 2018 IMF-WBG AM is a forum for discussion on developments in the economy and global financial systems as well as global issues each subsequent year. The annual meeting is held at the IMF-WBG Headquarters in Washington DC for two successive years, followed by one hosted in a different country. Hosting nations have included the United Arab Emirates(2003), Singapore (2006), Turkey (2009), Japan (2012), Peru in 2015 and now, Indonesia in 2018.
The choice of Indonesia as host at the Peru’s AM, shows the trust the International community has towards Indonesia’s safety, political stability and the success of its economic growth. An estimated of 19,800 visitors are expected when in Washington DC, 22 Heads of State, 189 finance ministers and Governors of Central Banks will be present with up to 5,050 official delegates, 14,750 non-delegates comprising investors and financial experts, IMF-WBG leaders and staff, almost 1,500 CSO/NGO’s, more than one thousand media people and another one thousand observers.
It is the world’s largest gathering of financial leaders.
The main three-day event runs from the 12th to the 14th of October. Participants will flock to the parallel and side events that run to the end on the the 14th. Whilst hospitality and host country events, including ASEAN Leaders Gathering (ALG) and the Host Country Reception and Gala Dinner. All of these activities are packaged and promoted under the theme “Voyage to Indonesia,” which aims to raise the profile of the events, bring together the varied participants and ensure maximum participation in the annual event.
Hospitality events by the hosting Government includes the Indonesia Pavilion, which will provide participants with an opportunity to experience a journey through Indonesia’s cultural and development worlds.
The Art and Crafts Expo, Infrastructure Expo and the Tourism Booth will provide businesses opportunities to show the beautiful and world-leading opportunities and the Indonesia Gourmet and Food Festival will provide participants with the opportunity to taste the unique traditional and modern delicacies and the Indonesia Cultural Shows for participants to enjoy some of the many ethnic and contemporary music and dance groups from Aceh to Papua and all the 17,000 islands in-between.
Indonesia gains, as a host country, 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 34,000 people comprising mostly private sectors for their transportation, accommodation, food and beverages, shopping and entertainment, including nature and cultural tourism.
For more information please contact:
Executive Director, Communication Department
- Nufransa Wira Sakti
Head of Communication and Information Service Bureau
Kepala Biro Komunikasi dan Layanan Informasi
Ministry of Finance Indonesia