SAFETY PRIORITIZED IN DECIDING VENUE FOR 2018 IMF-WB ANNUAL MEETING by Fardah

Jakarta, Nov 8, 2017 (Antara) - The increased activity of Mount Agung located in Karangasem District, Bali Island, has raised Indonesia's concerns, as preparations for the 2018 Annual Meeting of the International Monetary Fund (IMF) and World Bank (WB) are underway.

          The next IMF-WB annual meeting is scheduled to be held in Bali in October 2018.

          Some 15 thousand to 17 thousand people from 189 countries, including country officials, international observers, academics, journalists, and representatives of non-governmental organizations, are expected to participate in the annual event.

         Mount Agung has been active since August 2017, but the volcano has not yet erupted, and most parts of the island remain safe.

          The Indonesian government, as the host of the important meeting, however, has prepared an optional venue, as part of the precautionary measures in case the volcano erupts.

          "Everyone's safety is our main priority while taking any decision regarding the venue," Finance Minister Sri Mulyani Indarwati had noted on the sidelines of the 2017 IMF-WB annual meeting in Washington D.C., the US, last October.

          Any change concerning the next meeting's schedule or venue will be discussed with the IMF and WB, she revealed.
     Moreover, the IMF and WB have been monitoring the developments of Mount Agung that has been active since last August.

          "They are also monitoring the developments of Mount Agung, and at certain points, if the risks could be controlled, we will be able to host the 2018 meeting of (IMF and WB)," the minister had noted on the sidelines of the 2017 IMF-WB annual meeting held in Washington D.C., the US, last October.

          The Indonesian delegation to the IMF-WB meeting had brought along the country's top volcanologist Surono to furnish detailed information on the developments of Mt Agung.

          "It is interesting that since the officials announced the alert warning, the mount's volcanic activity has been reducing steadily. We will see whether the status will be downgraded," Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan, chairman of the organizing committee of the 2018 IMF-WB annual meeting, said in Jakarta recently after returning from Washington D.C.

         Pandjaitan said both international financial institutions are content with the preparations made by Indonesia so far.

         However, the government has also readied contingency plans to relocate the meeting venues from Nusa Dua, Bali, to another city, though the plans had yet to be discussed in detail.

         Meanwhile, IMF Executive Director Christine Lagarde has said that Indonesia will become the focus of global attention as the host of the IMF-WB annual meeting scheduled in Bali in October next year.

          "All eyes in the economic world will be looking at Indonesia. It is the right time to shed light on the success stories," she stated in Washington D.C.

         The annual meeting will also boost business activities in Indonesia, Lagarde said on Saturday on the sidelines of the Washington D.C. meeting.

         "This will boost business, as people will stay at hotels, eat in restaurants, and spend money. The annual meeting will offer returns," she said.

         Lagarde lauded Indonesia as the would-be host of the major meeting. Indonesia deserves to host the event, as it has sound economic indicators and suitable policies in place.

         Minister Luhut B. Panjaitan also believed that the IMF-WB annual meeting will significantly benefit Indonesia as the host country.

         "There is a lot to gain, especially in the field of economy, from the world biggest economic and finance meeting," Panjaitan said after elaborating on the progress in the preparations of the meeting to the leaders of the House of Representative in Jakarta, recently.

         The meeting, with an estimated economic value of US$115 million, will have some 15 thousand delegates as attendees who will mainly stay at hotels during the seven-day meeting, he remarked.

         The government has approved a budget of Rp810 billion for the meeting, including Rp200 billion for the procurement of computers and supporting equipment.

         "The computers would be handed out as grants to schools in the regions (after the meeting)," he said.

         On the same occasion, the finance minister said the government and the House of Representatives had agreed that Indonesia should seek to be a good host.

         Mulyani also spoke at length with the lawmakers regarding details to be discussed at the meeting, including on the issue of development, in general, and Indonesia's interest in highlighting the government's development programs.

         "We will also discuss the funds needed, the aspect of efficiency, and the interest of the people, in general," she said.

         She also remarked that the country will reap direct benefits from the meeting in terms of the money spent by some 15 thousand delegates.

         "The IMF and World Bank are also offering air tickets to 1,200 of its staff to Indonesia. They will stay for seven days at hotels in Bali in October, which is a slack season," the minister noted.

         In addition, the indirect benefits are the improvement in infrastructure, which will not only facilitate the IMF-World Bank meeting but also the public.

         The organizing committee will also make arrangements to offer five tourist destinations that will persuade the participants to extend their stay in Indonesia.

         "The House leads and the House Budget Body understands what the government offers. The cost for holding the meeting will be derived from the 2018 budget to be sanctioned in the next two weeks," Mulyani said.

         The IMF-WB meeting is one of the largest and influential events on finance and economy that brings together Central Bank governors and finance ministers from 189 countries along with prominent persons from the private sector, academics, non-governmental organizations, and media.

         Also featured are side events, such as seminars, investment forum, focus group discussion, workshop, and cultural events.

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(T.F001/A/BESSR/F. Assegaf) 08-11-2017