Participants of the annual meetings of the International Monetary Fund and the World Bank Group have begun to arrive in Bali, the venue for the prestigious economic gatherings.
The meetings, which open today and will last until Sunday, will discuss various global economic issues such as trade imbalances, financial market volatility, inequality, poverty eradication, economic development and aid effectiveness, the empowerment of women in work places as well as initiatives to improve trust in the system of multilateralism.
In addition to the central bankers and finance ministers of the 189 member countries of the world’s two largest multilateral economic and financial institutions, the meetings are also attended by business leaders, representatives of civil society organizations and academics. The total number of participants is estimated to reach 34,000.
The gatherings will certainly put Indonesia on the global stage. Indonesia should, therefore, be able to use this rare event not only to showcase its economic achievement as the largest economy in Southeast Asia, but also promote investment opportunities. It also gives Indonesia a rare chance to promote the different facets of Indonesian culture and its main tourist destinations, not only Bali but other beautiful tourist spots in other parts of the country.
The meetings are also timely as they take place amid growing uncertainties in the global economy. The sharp fluctuations in the currencies of emerging markets in recent days and the escalation of trade conflicts, especially between the United States and China, can further drag down economic growth if no effective measures are taken to solve the problems.
Leaders of the 10 ASEAN countries will also hold a summit on the sidelines of the IMF-WB annual meetings, further adding the significance of the event to maintain stability in the regional economy.
In welcoming these very special meetings, The Jakarta Post has published a special edition to showcase the latest developments in the global economy as well as the progress, prospects and challenges in Southeast Asia’s largest economy ahead of the April 2019 presidential and legislative elections.
The writers in the special edition include Finance Minister Sri Mulyani Indrawati, IMF senior resident representative for Indonesia John Nelmes and WB country director for Indonesia and Timor Leste Rodrigo A. Chavez.
We hope this important economic event will be a great success and can bring fruitful results to help cope with the growing uncertainties in the global economy, and can find an effective solution to deal with the growing imbalance in the global economy.
For the participants, we also hope they will have the time to enjoy the beauty of Bali and beyond during their stay.