IMF-WB ANNUAL MEETINGS IN BALI EXPECTED TO BOOST LOCAL ECONOMY by Fardah

  Jakarta, Feb 16, 2018 (Antara) - Indonesia is optimistic that the International Monetary Fund-World Bank (IMF-WB) Annual Meetings 2018 scheduled in Bali on Oct 8-14 will offer several economic benefits to the resort island, in particular, and the country, in general.    
    The IMF-WB Meetings, one of the largest and influential events in the areas of finance and economy, bring together Central Bank governors and finance ministers from 189 countries along with prominent individuals from the private sector, academics, non-governmental organizations, and media.

         In total, some 15 thousand participants are expected to attend 600 meetings, including seminars, investment forum, focus group discussions, workshops, and cultural events.

         The meetings will benefit Indonesia, both in the short and long term, particularly in terms of boosting foreign exchange reserves, trade and investment, tourism, and Indonesia's leadership in the region, Bank Indonesia, the country's central bank, noted on its official website www.bi.go.id.

         The main objectives behind hosting the meetings are to showcase Indonesia and Asia as reformed, resilient, and progressive economies along with encouraging greater engagement with the IMF and WB with less stigma.

         In January 2018, the WB assessed that Bali had adequate facilities to host the IMF-WB Annual Meetings to be held in Nusa Dua.

         "Indonesia is fortunate to have good conference-hosting and infrastructure facilities," Press Secretary, External and Corporate Relations of WB David M. Theis noted during a presentation in Jakarta, last month.

         The Indonesian government does not need to spend excessively, as the country is quite advanced and experienced in organizing large international gatherings.

         Despite no constraints in terms of facilities, the government has still budgeted Rp810 billion for the provision of information technology systems and accommodation. A total of Rp672 billion was sourced from the state budget, while the rest of Rp137 billion came from Bank Indonesia's budget.

         Most of the budget worth Rp672 billion will be used to procure goods and services needed for secretarial tasks, information technology systems, and media branding.

         The IMF-WB meetings are held annually in Washington D.C., the United States. However, once every three years, this annual event takes place in another country. Lima had earlier hosted the meet in 2015, Tokyo in 2012, Istanbul in 2009, and Singapore in 2006.

         The Indonesian organizing committee of the IMF-WB Annual Meetings has met with the US-based groups' secretariats in Denpasar from Jan 29 to Feb 7 to prepare for the convention to be held in Bali.

         The two committees discussed several preparations in the areas of security, airport, transportation, human resource support, and plans to take precautionary measures in the face of emergency situations.  
    WB had received the latest updates on the developments in Bali prior to the meeting from the Indonesian government.

         "There is no discussion on plan B, as the plan remains in Bali," Theis stated during a presentation in Jakarta on February 9, 2018.

         Highlighting that the annual meeting can add momentum to Indonesia's recent economic achievements, he remarked that the government had also chalked out several anticipatory and mitigation steps related to the potential eruption of Mount Agung.

         "They keep monitoring Gunung Agung. Although it (the eruption) is not predictable, the government is prepared for geological and seismic activities as a preventive measure," he explained.

         Indonesia's Finance Ministry, on its official website, has made assurance that Bali remains safe for the 2018 IMF-WB Annual Meetings.

         "The authority has confirmed that all areas located outside the 10-kilometer radius of Mount Agung are safe, and people will conduct their businesses as usual," the ministry remarked.

         According to the ministry, all updates on the meetings could be tracked on the official website, "www.am2018bali.go.id", or other social media platforms: Twitter handle "@am2018bali", Instagram account "@am_2018_bali", and Facebook page "The 2018 IMF WBG Annual Meeting Bali."
    Meanwhile, BI has estimated that the IMF-WB Meetings would trigger a circulation of up to Rp4 trillion.

         "This will boost the economy of Bali strongly," Causa Iman Karana, head of the BI representative office in Bali, stated recently.

         A large amount of money will be spent on paying for accommodation, transportation, telecommunication charges, and buying food and beverages, among others things.

         The Indonesian government has built several infrastructure projects, including an underpass at an intersection near the I Gusti Ngurah Rai International Airport to support the implementation of the large gathering.

         An apron at the I Gusti Ngurah Rai International Airport has been expanded to enable it to provide a larger parking area for aircraft.

         During the meetings, activity at the Ngurah Rai Airport is estimated to increase to 35 takeoffs or landings per hour from the current 28, with a daily capacity of up to 300 movements.

         The central bank has also forecast economic growth in Bali to reach between six and 6.4 percent in 2018, exceeding the growth of 5.59 percent in 2017.  ***3***
(f001/INE/B003)
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(T.F001/A/BESSR/Bustanuddin) 16-02-2018